Federal Reserve Governor Argues For A Digital Dollar By Cullen Paradis
on May 25 2021 7:08 AM US Federal Reserve Governor Lael Brainard, pictured in 2019, warned that the economy continues to face considerable uncertainty associated with the vagaries of the COVID-19 pandemic AFP / Eric BARADAT
Federal Reserve Governor Lael Brainard spoke out Monday, espousing the virtues of a digital dollar. The Federal Reserve has been slowly developing the infrastructure needed for a digital currency, but still lags far behind other wealthy nations.
Brainard highlighted the versatility of a digital currency backed by the federal reserve, noting that one in five Americans are still considered “underbanked.”
Fed Governor Lael Brainard argued today for a U.S. central bank digital currency to counteract private-backed stablecoins. “It is not obvious that new forms of private money that reference fiat currency, like stablecoins, can carry the same level of protection as bank deposits or fiat currency.”
May 24, 2021 13:11 GMTFXStreet News
AUD/USD struggles to make a decisive move in either direction.
US Dollar Index stays below 90.00 on Monday.
Wall Street’s main indexes look to open higher.
After closing the previous week in the negative territory, the AUD/USD pair opened in a quiet manner and seems to be having a difficult time making a decisive move in either direction. As of writing, the pair was down 0.08% on the day at 0.7724.
USD weakens modestly on Monday
The US Dollar Index managed to stage a rebound on Friday on the back of upbeat PMI data from the US. However, the upbeat marker mood is not allowing the USD to preserve its strength on Monday. At the moment, the DXY is down 0.15% on a daily basis at 89.90.
Bitcoin jumped more than 10% during a surge in cryptocurrencies Monday, regaining some ground lost during a weekend sell-off that was sparked by renewed signs of a Chinese crackdown on the emerging sector.