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Treasury Department Evaluating CBDC

According to Deputy Treasury Secretary Justin Muzinich, the Treasury department is exploring multiple possible avenues to support a central bank digital currency tied to the US dollar. The Boston Fed is taking a leading role in this exploration, partnering with MIT’s Digital Currency Initiative to evaluate more than 30 different blockchain networks to test scalability, efficiency, and ability to support US financial infrastructure.

Muzinich noted in a statement, “There are clearly efficiency benefits and cost benefits to using a distributed ledger… And I also think, more broadly, it’s important for government to embrace innovation and not be scared by it.” As Muzinich states, the US must take initiative and embrace the pace of global tech innovation, especially as China is already leading the charge.

Muzinich also noted how crucial it is for the government to begin regulating cryptocurrencies, as they offer versatile solutions to many governmental and corporate financial operations. While compliance to AML rules presents a barrier for governmental adoption of digital currencies, we believe that with the rate of innovation that the crypto ecosystem is experiencing, solutions to AML and KYC concerns are not far away.

To remain a global economic superpower, the United States must position itself along the cutting edge of financial technology, and adopting blockchain technology as the backbone of its future financial system is the most progressive, stable, and secure approach to ensuring future economic competitiveness.

By Liam McDonald

Disclosures: Not investment advice. It should be assumed that Sarson Funds or its affiliated managers hold positions in all projects that are discussed. It is not possible to invest in any project directly through Sarson Funds, Inc. or its affiliated managers. Any investment product offered by managers affiliated with Sarson Funds should be assumed to be only available to Accredited Investors and subject to the individual terms and conditions of that offering including but not limited to those eligibility requirements associated with U.S. Securities Regulation D, section 506c. Talk with your financial advisor before making any investment decisions or have them contact Sarson Funds directly at info@sarsonfunds.com

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