Yesterday U.S. Federal Reserve Vice Chair Randal Quarles gave a talk on central bank digital currency (CBDC) and stablecoins, emphasizing his comments were his personal opinions. He deconstructed the proposed benefits of a digital dollar and highlighted CBDC risks, leading to the conclusion that he does not support a digital dollar project at this stage.
“The potential benefits of a Federal Reserve CBDC are unclear. Conversely, a Federal Reserve CBDC could pose significant and concrete risks,” said Quarles.
In analyzing some of the motivations for a CBDC, he painted quite a positive picture of stablecoins.
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