Fed spokesman Lael Brainard pointed to the lag of the United States behind other countries in the development of its own digital currency.
Member of the Board of Governors of the United States Federal Reserve System (FRS) Lael Brainard urged to accelerate the development of the digital dollar, reports Reuters .
According to the publication, Brainard drew attention to the fact that the United States is lagging behind other countries in the development of a national digital currency during a speech at the Economic Strategy Group of the Aspen Institute.
“The dollar dominates international payments, but I just don’t understand why other major jurisdictions have digital currencies, CBDCs, and the US does not. It doesn’t look like a sustainable future to me, ”said Brainard.
One of the main reasons for the issuance of the digital dollar, the representative of the FRS considers the spread of stablecoins.
Brainard believes that the emergence of stable digital coins controlled by individuals and organizations could lead to the fragmentation of the payment system.
At the moment, China is considered the leader in the development of CBDC.
On July 16, the NBK first published the digital yuan draft white paper in English, which describes the technical characteristics of the digital currency.
The document says that foreign tourists will be able to use the digital yuan without opening accounts with Chinese banks during the Winter Olympics, which will be held in Beijing in 2022.
In mid-June, Beijing residents were able to convert the digital yuan into cash.
The Industrial and Commercial Bank of China (ICBC) has allowed digital currency to be withdrawn from more than 3,000 ATM machines in the Chinese capital.
Prior to this, the owners of the digital yuan could only use it in retail outlets that participate in the currency testing project.
On July 22, the head of the US Securities and Exchange Commission (SEC) Gary Gensler said that cryptocurrencies, which are tied to the value of traditional financial assets, are subject to securities laws.
A stablecoin is a digital coin whose value is tied to a specific physical asset. The first such digital currency pegged to a currency, USDT from Tether, appeared in 2015. It is pegged to the value of the US dollar in a 1: 1 ratio.
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