The US Federal Reserve is considering launching a digital dollar

Goverment American

The US Federal Reserve (Fed), which is also the country's central bank, is studying the feasibility of issuing its own digital currency, as revealed by Governor Lael Brainard.

“Given the important role of the dollar, it is essential that we remain on the line of policy research and development related to CBDC (central bank's digital currency),” Brainard said. said on Wednesday at a conference on payments at Stanford Graduate Business School in California.

She went on to say that the Fed, like other central banks, is researching blockchain technology and their potential use cases for digital currencies, "including the potential for a CBDC."

"We are working with other central banks while we continue to raise awareness of central bank digital currencies," she added.

Brainard's comments suggest that the Fed has begun to be more open to digital currencies. In 2018, Brainard once said that "there is no need for convincing proof of a digital currency issued by the Fed." But at the time, private sector initiatives, such as the Facebook-led stablecoin project, were not announced.

"Libra has conveyed the urgency for the debate about what money can be lost, who or what can be issued and how payment can be recorded and resolved," Brainard said on Wednesday.

While digital digitization is likely to offer greater value and convenience at lower costs, there are risks to financial stability, privacy and fraud protection, she said. .

“In the United States, no less than other major economies, the public sector needs to actively engage with the private sector and the research community to see if new protection solutions are really needed, whether or not Do existing legal rings need to be redrawn and whether CBDC will have important online benefits, ”Brainard concluded.

In the past, the Fed has repeatedly been advised to consider developing the digital dollar. However, as Toiyeubitcoin reported, Jerome Powell, the US Treasury Secretary, stated that "there is no need to issue CBDC within the next 5 years."

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According to The Block
Translated by ToiYeuBitcoin


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