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ARTICLE · 24 FEBRUARY 2022

FRB Governor Brainard Highlights Digitalization And Decentralization Of Payments

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Ms. Brainard noted that the FRB's consideration of a U.S. CBDC must include an analysis of how the usage of a CBDC would affect financial stability both currently and in the future.

United StatesFinance and Banking
Sebastian Souchet
Sebastian Souchet
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In a speech before the U.S. Monetary Policy Forum, Federal Reserve Board ("FRB") Governor Lael Brainard highlighted the increasing digitalization and decentralization of global finance and considered the implications of such trends for the financial system.

Ms. Brainard highlighted five areas for the FRB as it plans for the future of the financial system:

  • The Evolving Digitalization and Decentralization of Finance: Ms. Brainard argued that it is important to develop robust statutory and regulatory frameworks that deal with both digital payment mechanisms (particularly, stablecoins) and the delivery of services through decentralized finance platforms.
  • Preparing for the Payment System of the Future: Ms. Brainard emphasized that the FRB "needs to be preparing for the payment landscape of the future." She argued that the FRB should further consider how the possible development and implementation of a U.S. central bank digital currency ("CBDC") will affect the

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