Economy

Fed’s Lael Brainard pushes digital dollar as central bank currency race heats up

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US Federal Reserve Governor Lael Brainard attends a “Fed Listens” event at the Federal Reserve headquarters in Washington, DC, on October 4, 2019.

Eric Baradat | AFP | Getty Images

Federal Reserve Governor Lael Brainard pressed the case for a digital dollar, saying Monday that a cryptocurrency backed by the central bank could provide a variety of benefits.

Providing financial services to the nearly 1 in 5 Americans considered “underbanked” is one of the advantages Brainard cited in a speech to a conference presented by Coindesk.

She also cited the safety of a Fed-backed system, as well as improvements in efficiency and cross-border payments, or transactions between people in different…



Source cnbc.com

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