Fed directors: Fed is studying the feasibility of digital currency

Source: Sina Finance

Fed Governor Lael Brainard said on Wednesday that the Fed is studying a range of issues related to digital payments and digital currency regulations and protections, including the cost and potential benefits of issuing its own digital currency. Leonard said in a written speech at Stanford Business School on Wednesday:

"Given the importance of the US dollar, we must stay at the forefront of (central bank digital currency) research and policy development. We are conducting research and experiments related to distributed ledger technology and potential applications of digital currencies, including the potential of central bank digital currencies."

Brainard said that digital payments can bring convenience, but also bring risks to financial stability and monetary policy. "Some new players (of digital currencies) are not regulated by the financial system, and their new currencies may pose challenges in areas such as illegal finance, privacy, financial stability, and monetary policy delivery.

She said the Fed is developing its own 24/7 real-time payment and settlement service and is currently reviewing 200 comment letters on the project.

Brainerd said that in the United States, the issues that need to be studied include whether digital currencies will make payment systems more secure or simpler, and whether they may pose financial stability risks. Other issues to consider include privacy and fraud protection, and whether digital currencies will be considered legal tender.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Policy

The Shocking Revelation: When Alameda Research Borrowed More Than Just a Cup of Sugar from FTX

Exclusive Leaked Audio from Alameda Research Meeting Exposes Caroline Ellison's Disclosure of Misuse of FTX Deposits ...

Blockchain

The kimchi premium breaks $1,000! South Korea’s "disfigured alcohol addiction" has another episode?

The quiet year's kimchi premium once again swayed, and it was a bit like the scene before the bull market in 201...

Blockchain

FTX's new CEO: FTX has been lying to banks about its mixed funds issue

FTX's new CEO claims that as early as 2020, banks had inquired about suspicious fund flows.

Market

Fortune Magazine From ambitious to defensive, what twists and turns has the crypto queen Katie Haun experienced?

Cryptocurrencies may experience cyclical fluctuations, but this time the trough is much steeper than investors expect...

Blockchain

PAData: FCoin potential victims or more than 2000 people, per capita loss or more than 25 BTC

Analyst | Carol Editor | Bi Tongtong Production | PANews Data Partner | Chain.info On February 17, the FCoin, which w...

News

Investment tips for the next bull market: In-depth analysis of the development status and trends of 15 cryptocurrency tracks

Following the regular industry cycle pattern, the bear market has passed halfway. The Ethereum upgrade has brought ab...