Talking on Friday at the Aspen Institute Economic Strategy Group Federal Reserve Governor Lael Brainard spoke strongly in favor of a U.S. central bank digital currency (CBDC). According to a Reuters report, she cited the progress made by other countries as a key reason for the U.S to advance its research into a digital dollar.
“If you have the other major jurisdictions in the world with a digital currency, a CBDC offering, and the U.S doesn’t have one, I just, I can’t wrap my head around that,” said Brainard. “That just doesn’t sound like a sustainable future to me.”
Last week there was a Congressional hearing about a digital dollar, with its use in cross border payments featuring heavily. Congressman Patrick McHenry (Republican) made his concerns clear. “If we don’t move as Americans, international settlements, remittances, could go to a regime that we’d not like,” said McHenry.
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