The Biden administration working group will start regular meetings on digital dollar launch.

    An inter-agency working group under US President Joe Biden's administration will begin regular meetings to explore the launch of a central bank digital currency (CBDC).

    National Economic Council Director Brian Dees and Treasury Secretary Janet Yellen said the White House, Treasury Department and other executive branch offices want input to support the Fed's ongoing analysis and experimentation with the digital dollar.

    An unnamed official also said that the US would like to prepare for the issuance of its own CBDC if the Fed understands that the initiative is in the country's interest.

    Administration officials stressed that the decision to issue a digital dollar would be made by the Fed.

    Last week, central bank spokeswoman Lael Brainard said that the digital dollar was not high on the Fed's agenda.