Lawmakers agree the U.S. is behind when it comes to central bank digital currency (CBDC) development, and they want to know what catching up would mean for the dollar.
In a hearing of the House Subcommittee on National Security, International Development and Monetary Policy on Tuesday, lawmakers asked industry experts how far behind the U.S. actually is — especially as it relates to its standing with China.
Though the hearing bore the title “The Promises and Perils of Central Bank Digital Currencies,” most lawmakers devoted their time to questioning how detrimental it is for the U.S. to drag its feet on a digital dollar and which elements of a project would benefit from public action or private sector solutions.
Rep. Jim Himes (D-CT) and Rep. Andy Barr (R-KY) both opened with concerns of “inaction.” Himes wondered what time horizon of inaction would cause the U.S. to lose “the ability to lead and innovate” in the CBDC landscape.
Hines asked simply: “Is it three months? Thre
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