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