U.S. Treasury convening regular Biden administration discussions on CBDC

Quick Take

  • Treasury’s Nellie Liang said there were plans among top officials to meet “regularly” to discuss a potential CBDC. 
  • Liang emphasized that a CBDC would only be issued with the support of Congress. 

The U.S. Treasury, Federal Reserve and White House officials “will begin to meet regularly” to talk about a possible central bank digital currency, said Nellie Liang, undersecretary for domestic finance at Treasury, in a speech delivered to the Atlantic Council in Washington. 

The Treasury-led CBDC working group will study the issue further and complement the Fed’s ongoing research into a digital dollar. Treasury recommended the working group in one of the digital asset policy papers it released last September. 

Liang emphasized that the working group does not necessarily signal a shift in U.S. policy over a digital dollar, with the Fed still in a lead research role.

"The Fed has also emphasized that it would only issue a CBDC with the support of the executive branch and Congress, and more broadly the public," said Liang. 


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

A CBDC could be either retail or wholesale, Liang said. A wholesale CBDC would be accessible to financial institutions that are already eligible for central bank accounts. A retail CBDC would be a complement to cash, and not replace it.  

“Full consideration of these issues for a possible CBDC – wholesale, retail, or both – will take some time to complete, but the Working Group plans to provide interim public updates,” Liang said.

The Fed has said it would only issue a CBDC if it had support from the executive branch, Congress and the public, though several Fed leaders have made public remarks indicating that a push for a digital dollar is not imminent. One of the Fed's most-engaged leaders on the digital dollar issue, Lael Brainard, is now the National Economic Council director, a top White House advisory position to President Joe Biden.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Sarah is a reporter at The Block covering policy, regulation and legal happenings. Before, Sarah was a reporter with CQ Legal writing about securities regulation, which is where she first started reporting on crypto. Sarah has also written for The Bond Buyer and American Banker, among other finance-related publications. She graduated from the University of Missouri and earned a degree in print and digital journalism. Sarah is based in Washington D.C., and is an avid coffee lover. You can follow her on Twitter @ForTheWynn.


To contact the editors of this story:
Colin Wilhelm at
[email protected]
Larry DiTore at
[email protected]