Fed governor lays out the case for a US-backed digital dollar
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The Fed is getting serious about the digital US dollar.
Lael Brainard, a member of the Federal Reserve Board of Governors, laid out a case for a secure, central bank-backed digital currency that could create a more efficient payment system and expand financial services to Americans who have been underserved by traditional banks.
“Today, the speed by which consumers and businesses can access the funds following a payment can vary significantly,” Brainard said in a web address to the CoinDesk conference Monday. “Advances in technology, including the use of distributed ledgers and smart contracts, may have the potential to fundamentally change the way in which payment activities are conducted.”
Federal Reserve Governor Lael Brainard says the research effort is driven by the growing role of digital private money, the migration to digital payments, the plans for the use of foreign CBDCs in cross-border payments, and concerns about financial exclusion.
Federal Reserve Gov. Lael Brainard on Monday said a cryptocurrency backed by the central bank would provide multiple benefits to Americans.Brainard, in a speech to a conference hosted by CoinDesk, cited the safety of a federally backed system, the opportunity to provide banking services to "underbanked" Americans and the ease of making payments across countries as reasons for embracing a digital dollar."The Federal Reserve remains committed to.
The Fed is getting serious about the digital US dollar.
Lael Brainard, a member of the Federal Reserve Board of Governors, laid out a case for a secure, central bank-backed digital currency that could create a more efficient payment system and expand financial services to Americans who have been underserved by traditional banks.
“Today, the speed by which consumers and businesses can access the funds following a payment can vary significantly,” Brainard said in a web address to the CoinDesk conference Monday. “Advances in technology, including the use of distributed ledgers and smart contracts, may have the potential to fundamentally change the way in which payment activities are conducted.”
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