Fed Vice chair speaks about the potential of CBDCs and the future of stablecoins
Lael Brainard, Federal Reserve's vice-chair, presented a written statement about the benefits of CBDC and the role of stablecoins in the near future
By Shashank Bhardwaj
U.S. Federal Reserve’s vice-chair Lael Reserve presented a paper titled ‘On the Benefits and Risks of a U.S. Central Bank Digital Currency (CBDC)’ in advance of the Financial Services Commission’s (FSC) virtual hearing scheduled for Thursday.
The paper submission just before the virtual hearing is being regarded as a sound strategic move by the vice-chair, given that over 25 legislators were to ask questions in the hearing. Brainard appeared before the committee after the comment period on the Fed’s discussion paper ‘Money and Payments: The U.S.Dollar Age of Digital Transformation’ came to a close.
Brainard positively acknowledged the role of stablecoins though the recent happenings in the stablecoin market impacted her outlook. She stated, “In some future circumstances, CBDC could coexist with and be complementary to stablecoins and commercial bank money by providing a safe central bank liability in the digital financial ecosystem, much like cash currently coexists with commercial bank money.”
During the question and answer session Brainard threw some great insights into the kind of regulations needed to ensure the stability of stablecoins. She said there was a need for a ‘very robust regulation akin to bank-like regulation’ for stablecoin while conversing with Anthony Gonsalez of Ohio.
The other questions touched upon during the Q&A were the role banks would play and whether their role would be diminished even if the financial system was not disintermediated and how bringing in a CBDC would impact the current financial situation.
The participants pressed Brainard on one of the statements written in the discussion paper. The statement said, “The Federal Reserve does not intend to proceed with issuing a CBDC without clear support from the executive branch and Congress, ideally in the form of a specific authorising law.” The committee members, including Jake Auchincloss of Massachusetts,’ were interested in knowing the non-ideal options the Fed would consider for CBDC issuance.
Regarding CBDCs, Brainard suggested putting limits on CBDC holdings and not allowing interest on CBDC accounts could be two ways via which the place of credit unions in the economy could be preserved, and the role of traditional banking be maintained.
Brainard explained further that CBDCs would help ease fragmentation of the payment system via interoperability. CBDCs would act as a settlement currency for private sector systems which already draw money out of the banking system. Brainard told Ted Budd of North Carolina that the share of cash in the US economy has declined from 31 percent in 2017 to 20 percent currently. CBDC would have complete faith in the government behind it and would help reduce the share of cash transactions in the US economy further.
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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Blockchain games are leading the DApp industry: DappRadar reportRead More..
Finance Minister Nirmala Sitharaman calls for global crypto regulationsRead More..
WazirX co-founders shifting base to DubaiRead More..
Blockchain.com reportedly exploring IPO this yearRead More..
CoinDCX raises over $135 million in fresh funding round, now worth $2 billionRead More..
Atari terminates blockchain joint venture with ICICB GroupRead More..
Monero's July hard fork confirmed by its communityRead More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..