US Treasury Secretary: Fed will not issue digital currency in five years, and does not oppose Facebook to create digital currency

Author: Xiu MU

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According to Bloomberg, Treasury Secretary Steven Mnuchin said at a hearing of the House Financial Services Commissioner on Thursday that the Fed has no need to issue digital currencies within five years and does not oppose Facebook's creation of digital currencies.

During the hearing, Mnuchin said that he had discussed digital currency with Federal Reserve Chairman Jeroime Powell, and they agreed that the Federal Reserve would not need to issue digital currency in the next five years.

Nevertheless, some other regions and countries around the world are intensively launching their digital currency plans. Several central banks, including the People's Bank of China, are considering the creation of digital currencies. The European Central Bank also said that if private payment systems cannot solve the problem of fast and convenient cross-border payments, they may launch their own central bank digital currencies.

Regarding Facebook's crypto project Libra, Mnuchin emphasized that if Facebook wants to create a digital currency, he has no opinion on it, but the digital currency needs to fully comply with bank secrecy and anti-money laundering regulations, and it must not be used to finance terrorism.

Facebook's crypto project, Libra, was announced in June this year, and was subsequently questioned and opposed by governments, central banks, and legislative and regulatory agencies around the world. Mnuchin said he has held more than a dozen meetings with Facebook to address regulatory concerns.

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