Written testimony from Federal Reserve vice-chair Brainard.

  • Says no final decision has been taken on a US central bank digital currency
  • clear regulations will be needed
  • private money could be a threat to financial stability, consumer protection
  • stable coins, an example of new kinds of digital money, might bring significant counterparty risk
  • there are dangers in both acting and not acting
  • a digital currency for the Fed is one strategy to assure the global use of USD
brainard 10 May 2022