What are Secretary Yellen's opinions on the potential risks of CBDC implementation?

3 answers

• Nov 23, 2021 · 3 years ago
  Secretary Yellen has expressed concerns about the potential risks of CBDC implementation. She believes that while CBDCs can offer benefits such as increased financial inclusion and efficiency, they also pose risks in terms of privacy, security, and financial stability. Yellen emphasizes the need for thorough risk assessments and regulatory frameworks to address these concerns and ensure the safe implementation of CBDCs.
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• Nov 23, 2021 · 3 years ago
  When it comes to the potential risks of CBDC implementation, Secretary Yellen has highlighted the importance of addressing issues related to privacy and security. She recognizes that CBDCs could provide governments with unprecedented access to individuals' financial transactions, raising concerns about privacy infringement. Yellen suggests that robust privacy measures should be in place to protect individuals' sensitive financial data from unauthorized access and misuse.
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• Nov 23, 2021 · 3 years ago
  As an expert in the field of digital currencies, I can provide insights into Secretary Yellen's opinions on the potential risks of CBDC implementation. She has emphasized the need for collaboration between central banks, regulators, and technology experts to address the risks associated with CBDCs. Secretary Yellen believes that a well-designed CBDC can offer benefits, but it should be implemented cautiously to mitigate potential risks such as cyber threats, money laundering, and financial instability. It is important to strike a balance between innovation and risk management in the development of CBDCs.
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