Federal Reserve Governor Lael Brainard believes that the need for a central bank digital currency in the U.S. is imminent.
What Happened: According to a report from Reuters, the Federal Reserve Governor was particularly concerned about the U.S. lagging behind while other countries such as China move ahead with their central bank digital currency rollout.
Speaking at the John F. Kennedy School of Government at Harvard University, Brainard said the issue of developing a U.S. central bank digital currency was an urgent one.
“The dollar is very dominant in international payments, and if you have the other major jurisdictions in the world with a digital currency, a CBDC (central bank digital currency) offering, and the U.S. doesn’t have one, I just, I can’t wrap my head around that,” said Brainard to the Aspen Institute Economic Strategy Group.
“That just doesn’t sound like a sustainable future to me.”
