U.S. Treasury Secretary Janet Yellen on Friday said that the Treasury recommended the Biden Administration to develop a Central Bank Digital Currency (CBDC), called the Digital Dollar in an effort to strengthen the U.S. role in the global financial system. The treasury recommendation was a part of nine reports that federal agencies submitted to the Biden Administration after President Joe Biden issued an executive order in March for regulating the crypto market space. Janet Yellen said that the recommendation is meant for the U.S. to advance policy and technical work for potential CBDC in case there is the necessity of forming one in the future.
