governor of the federal reserve of the united states, lael brainard, lays out a number of reasons for the “urgency” of producing a us-backed digital currency. she claims that other countries, such as china, are going forward with their own plans. she added that a cbdc may also help with other issues, such as getting government payments to those who don’t have bank accounts.

“the dollar is very dominant in international payments, and if you have the other major jurisdictions in the world with a digital currency, a cbdc (central bank digital currency) offering, and the u.s. doesn’t have one, I just, I can’t wrap my head around that,” brainard told the aspen institute economic strategy group.

the federal reserve is gathering public input on the possible costs and benefits of a us-backed digital currency in preparation for a discussion paper to be released in early september. the review, according to fed chair jerome powell, is a critical step in the fed’s efforts to assess whether it might issue its own cbdc.

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