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

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...

Blockchain

Alameda Engineer SBF stole my life savings

As an engineer at Alameda Research, my entire life savings were stolen by my former boss, Sam Bankman-Fried (known to...

Market

The ultimate way out of cryptocurrency exchanges: decentralization (below)

The full text is brief: Alicoin|Exclusive view With the endless stream of asset security cases such as hacking and se...

Policy

FTX Customers Buckle Up! $9B Shortfall Claim Payout Expected to Roll Out by Mid-2024

Good news for fashion lovers! FTX has reached a settlement with their debtors and creditors, potentially returning $9...

Blockchain

Circle stripped Poloniex, its valuation plummeted 80%

Circle is a world-renowned blockchain startup with investors including Goldman Sachs, IDG Capital, Bitcoin and hedge ...

Blockchain

A picture to understand the difference between Bakkt's bitcoin futures and "traditional" futures

According to the delivery method, futures contracts are usually divided into cash delivery and physical delivery. At ...