Federal Reserve Governor Lael Brainard: Any Global Payments Network Must Meet High Legal Threshold, No Particular Need for a CBDC

December 19, 2019 @ 7:58 pm By Cali Haan |

As she welcomed Benoît Coeuré to his new position as Head of the Bank for International Settlements’ (BIS’) Innovation Hub, U.S. Federal Reserve governor Lael Brainard told regulators in Frankfurt Wednesday that private (crypto) currency networks pose risks that must be addressed. She also said… Read More

CBDC: US House Representatives Ask Federal Reserve to Consider Issuing a National Digital Currency

October 3, 2019 @ 8:44 am By Omar Faridi |

Two US lawmakers have asked the Federal Reserve to consider issuing a digital version of the US dollar (or Central Bank Digital Currency – CBDC). Rep. Bill Foster (D-III.) and Rep. French Hill (R-Ark.) have submitted a letter to Federal Reserve Chairman Jerome Powell in… Read More

Banking Advisors to US Federal Reserve Say Private Currencies Like Libra Pose Risks

October 2, 2019 @ 9:08 pm By Cali Haan |

Banking advisors to the US Federal Reserve have warned that Facebook’s proposed private currency network, Libra, will disrupt conventional banking and could function as a “shadow banking” system if not properly regulated. They also warned that, “In extremis, alternative currencies could usurp the prudential authority… Read More