Fed's Brainard calls for US digital currency

Saturday, 31. July 2021 05:37

Member of the Federal Reserve Board of Governors Lael Brainard urged the institution to develop the United States' digital currency and catch up with the countries like China, which are already creating their own.

"The dollar is very dominant in international payments, and if you have the other major jurisdictions in the world with a digital currency, a CBDC [central bank digital currency] offering, and the US doesn't have one, I just, I can't wrap my head around that," Brainard said. "That just doesn't sound like a sustainable future to me."

Earlier this year, China and the European Union confirmed they have started investigating the establishment and application of digital currencies.

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Breaking the News / JR