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Digital Dollar Will Come Eventually, Expert Says
Michael Greco, policy research director at the Digital Dollar Project, says the Fed needs Congress to pass the right law first.
Updated May 9, 2023, 4:05 a.m. Published Dec 28, 2022, 6:58 p.m.
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It’s more a question of when, rather than if, a central bank digital currency (CBDC) will be established in the U.S., Michael Greco, policy research director at the Digital Dollar Project, told CoinDesk TV’s “First Mover” on Tuesday.
Greco said that “there is potential in the next few years” for a digital dollar in the U.S., but that the Federal Reserve is waiting for Congress to enact legislation before it can move forward. He doesn't expect Congress to pass such a law next year but said he expects the "the conversation to advance on Capitol Hill, especially in regards to privacy" in 2023.
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Read more: Big Banks, NY Fed Start to Test Digital Tokens for 'Wholesale' Transactions
On the same program, Josh Lipsky, senior director of the Atlantic Council’s GeoEconomic Center, said that CBDCs have made “huge leaps” in other parts of the world, such as South Korea and Europe.
He said next year the European Central Bank may move forward to the pilot phase of a digital euro from a development phase, which would be a major step given the size of the European Union. He said U.S. authorities will be looking to see how the ECB tackles privacy concerns of a digital currency and how it would interact with the banking system.
He also sees the potential of a wholesale CDBC, which would be used in transactions between banks, as opposed to a retail CBDC, which would be used by consumers in everyday transactions like buying a cup of coffee.
Lipsky said that in light implosion of crypto exchange FTX, the issues that some crypto exchanges face “do not extend to central bank digital currencies.”
CORRECTION: A previous version of this article incorrectly identified Michael Greco as a lobbyist. He is a researcher.
Read more: Singapore's MAS Starts Wholesale CBDC Project Ubin+ for Cross-Border Payments
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