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ARTICLE · 01 JULY 2021

FRB Vice Chair Questions The Value Of Developing A U.S. CBDC

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Federal Reserve Board ("FRB") Vice Chair for Supervision Randal K. Quarles questioned the value of developing a U.S. central bank digital currency.

United StatesTechnology
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Hogan Lovells Cadwalader
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Federal Reserve Board ("FRB") Vice Chair for Supervision Randal K. Quarles questioned the value of developing a U.S. central bank digital currency ("CBDC"), considering that (i) the U.S. dollar payment system operates very well and is being improved, (ii) the potential benefits of a Federal Reserve CBDC are ambiguous and (iii) the development of a CBDC may pose substantial risks. Mr. Quarles also questioned (i) whether the development of a Federal Reserve CBDC is an adequate tool for solving the issues it purports to address and (ii) whether the Federal Reserve has the legal authority necessary to pursue the development of a CBDC.

CBDCs: Increased Access to Faster, Cheaper Payment Systems?

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