On August 13, San Francisco Fed Governor Lael Brainard gave a promising speech on digital currencies, including Central Bank CPF -3.3% issued Digital Currencies (CBDC).
Unheard of 2 years ago, it is refreshing to see a Central Bank embracing technological innovation with such fervor, including assistance from MIT. The Fed Governor discussed the opportunities of CBDC in regard to resilient payment infrastructure, financial inclusion and monetary policy execution. At the same time the Governor expressed apprehension regarding risks associated with privacy, cybersecurity, illicit activity and financial stability, pertaining to the crowding out effect of private endeavors, like Bitcoin and Facebook’s Libracoin.
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