The project to create a digital dollar, very beneficial to the US economy, according to Janet Yellen, could encounter serious difficulties in the face of the emergence of the cryptocurrency. Treasury Secretary Janet Yellen said it was "logical" for central banks to look into the issue of creating a digital dollar, including consumer protection issues. "It makes sense for central banks to think about it and I know the Federal Reserve (Fed) is looking at this," Janet Yellen told The New York Times, noting joint work between the Boston Fed and the Massachusetts Institute of Technology (MIT). "We have a financial inclusion problem. Too many Americans really don't have access to easy payment systems linked to their bank account. I think a digital dollar, a central bank digital currency, could help" to improve this situation, she stressed. According to Janet Yellen, this could result in faster, safer and cheaper payments. The former president of the US Central Bank wonders if the cryptocurrency would cause a huge movement of deposits out of banks and towards the Fed, "will the Fed be in touch with retail customers, are there problems of financial stability, how could we manage the problems of money laundering and illicit financing," she asks.