Federal Reserve Vice Chair Testifies on Digital Currency
2022-05-31T15:52:44-04:00https://ximage.c-spanvideo.org/eyJidWNrZXQiOiJwaWN0dXJlcy5jLXNwYW52aWRlby5vcmciLCJrZXkiOiJGaWxlc1wvOTcwXC8wMDFcLzE2NTQwMjc1MzVfMDAxLmpwZyIsImVkaXRzIjp7InJlc2l6ZSI6eyJmaXQiOiJjb3ZlciIsImhlaWdodCI6NTA2fX19U.S. Federal Reserve Vice Chair Lael Brainard testified at a House Financial Services Committee hearing on the benefits and risks of digital currency in the U.S. banking system. Vice Chair Brainard said that an official central bank digital currency (CBDC) can complement existing cryptocurrencies from the private sector and ensure safety and stability. She warned that more countries are moving toward digital money and that a CBDC could safeguard global dominance of the U.S. dollar. She also said the Federal Reserve would not move forward on a CBDC without approval from the executive and legislative branches, and, if approved, it could take five years for a CBDC to be enacted. Committee members questioned the vice chair on various aspects of a U.S. digital currency, including its impact on cybersecurity, financial inclusion, consumer rights, and the private sector.
U.S. Federal Reserve Vice Chair Lael Brainard testified at a House Financial Services Committee hearing on the benefits and risks of digital… read more
U.S. Federal Reserve Vice Chair Lael Brainard testified at a House Financial Services Committee hearing on the benefits and risks of digital currency in the U.S. banking system. Vice Chair Brainard said that an official central bank digital currency (CBDC) can complement existing cryptocurrencies from the private sector and ensure safety and stability. She warned that more countries are moving toward digital money and that a CBDC could safeguard global dominance of the U.S. dollar. She also said the Federal Reserve would not move forward on a CBDC without approval from the executive and legislative branches, and, if approved, it could take five years for a CBDC to be enacted. Committee members questioned the vice chair on various aspects of a U.S. digital currency, including its impact on cybersecurity, financial inclusion, consumer rights, and the private sector. close
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People in this video
- Trey Hollingsworth III U.S. Representative [R] Indiana
- David F. Kustoff U.S. Representative [R] Tennessee
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