Mnuchin, Powell see no need for the US to issue digital currency

Mnuchin’s comment on digital currencies came in response to a lawmaker’s question that referred to a cryptocurrency under development by Facebook Inc. — AP

Treasury Secretary Steven Mnuchin said he and Federal Reserve Chairman Jerome Powell don’t expect the US to create a digital currency.

"Chair Powell and I have discussed this – we both agree that in the near future, in the next five years, we see no need for the Fed to issue a digital currency,” Mnuchin said Thursday at a House Financial Services Committee hearing in Washington.