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Private Money And Central Bank Money As Payments Go Digital: An Update On CBDCs, Federal Reserve Governor Lael Brainard At The Consensus By Coindesk 2021 Conference, Washington, D.C. (Via Webcast) Date
24/05/2021
Technology is driving dramatic change in the U.S. payments system, which is a vital infrastructure that touches everyone.1 The pandemic accelerated the migration to contactless transactions and highlighted the importance of access to safe, timely, and low-cost payments for all. With technology platforms introducing digital private money into the U.S. payments system, and foreign authorities exploring the potential for central bank digital currencies (CBDCs) in cross-border payments, the Federal Reserve is stepping up its research and public engagement on CBDCs. As Chair Powell discussed last week, an important early step on public engagement is a plan to publish a discussion paper this summer to lay out the Federal Reserve Board s current thinking on digital payment
Source: US State of New York Federal Reserve
Technology is driving dramatic change in the U.S. payments system, which is a vital infrastructure that touches everyone.1 The pandemic accelerated the migration to contactless transactions and highlighted the importance of access to safe, timely, and low-cost payments for all. With technology platforms introducing digital private money into the U.S. payments system, and foreign authorities exploring the potential for central bank digital currencies (CBDCs) in cross-border payments, the Federal Reserve is stepping up its research and public engagement on CBDCs. As Chair Powell discussed last week, an important early step on public engagement is a plan to publish a discussion paper this summer to lay out the Federal Reserve Board’s current thinking on digital payments, with a particular focus on the benefits and risks associated with CBDC in the U.S. context.2
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AGLE-EYED BEACHCOMBERS may recognise the round white shells etched with a five-petal flower. These erstwhile homes of sea urchins resemble a silver dollar, earning them the nickname “sand dollars” and the myth that they are the money of mermaids or the long-lost city of Atlantis. They pile up on the shores of the 700 islands in the Bahamas, so its central bank picked the sand dollar as its logo. In October 2020, when the Bahamas launched the world’s first central-bank digital currency (
CBDC), the authorities chose to adorn the app with the familiar floral pattern and call it the sand dollar.
time between joe biden and paul ryan. the vice-presidential candidates will slug it out on the economy, medicare and taxes. they may be number two on the ticket, but these men hope they can make this another crucial turning point in an election that is now almost a dead heat. darren gersh reports. reporter: vice-presidential debates are often more entertaining than important, but not this time. joe biden will be trying to beat back the romney bump from the first presidential debate; and paul ryan will be working to stretch mitt romney s debate double into a home run. if ryan does really, really well, it could possibly fundamentally make this a real horse race, not just nationally but in the battleground states. so, i think there is a lot of expectation on both sides for what this debate possible could do. reporter: if you thought the first presidential debate was bogged down in statistics and policy details, you ll have more fun tonight. debate veterans are expecting fi