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ARTICLE · 17 AUGUST 2020

Fed Governor Brainard Describes FRB Approach To Digital Currency

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Federal Reserve Board Governor Lael Brainard highlighted the FRB's approach to digital currency and other technological innovation in the financial markets.

United StatesTechnology
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Federal Reserve Board ("FRB") Governor Lael Brainard highlighted the FRB's approach to digital currency and other technological innovation in the financial markets.

In a speech at a Federal Reserve Bank of San Francisco's program on innovation, Ms. Brainard said that new technologies present opportunities to enhance payment efficiency, expand financial inclusion, speed up settlement flows, and reduce end-user costs but come with "associated risks and possible unintended consequences."

Digital currencies - Governor Brainard underscored that digital currencies, and central bank digital currencies (CBDCs) in particular, present "risks associated with privacy, illicit activity, and financial stability." She stated that Bitcoin, stablecoins, and Libra "have raised fundamental questions about legal and regulatory safeguards, financial stability, and the role of currency in society." She highlighted "intensified calls for CBDCs to maintain the sovereign currency as

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