Former Federal Reserve vice chair for supervision Randal Quarles delivered his strongest rebuke yet to the idea that the U.S. needs a central bank digital currency to avoid falling behind other countries, calling the argument one "you expect from a 17-year-old, but not from a central bank."
The card brands are pursuing partnerships with banks, government agencies and merchants, with a goal of building networks and services to accommodate the rise of central bank digital currencies.
Rob Blackwell is the chief content officer of Promontory Interfinancial Network and the host of the Banking with Interest podcast. He is the former editor in chief of American Banker. The views expressed in this article are his own and not those of Promontory Interfinancial Network.