FED Lael Brainard said the US Federal Reserve is exploring the potential of the digital currency. "We work with other central banks to expand our knowledge of the digital currencies of central banks." Does the Brainard speech open the door of the FED for digital currencies?
The US Federal Reserve, the country's central bank, is exploring the possibility of introducing its own digital currency.
"Given the important role of the dollar, it's important for us to be present in the field of research and policy development regarding CBDC [Digital Central Bank Currency]," said Brainard at a payment conference at the Stanford Graduate School of Business in California.
Brainard continued that the US Federal Reserve, like other central banks, is studying blockchain technology and their potential use of digital currencies, "including the potential of CBDC."
"We work with other banks to expand our knowledge of the digital currencies of the central bank," added the Governor.
Brainard's comments suggest that the Fed is more open to digital currencies.