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Fed’s Brainard sees case for U.S. central bank digital currency

“It is essential that policymakers, including the Federal Reserve, plan for the future of the payment system and consider the full range of possible options to bring forward the potential benefits of new technologies, while safeguarding stability,” Brainard said in remarks prepared for delivery to the U.S Monetary Policy Forum in New York. “A U.S. CBDC may be one potential way to ensure that people around the world who use the dollar can continue to rely on the strength and safety of U.S. currency to transact and conduct business in the digital financial system.” Fed policymakers are divided on the need for a central bank digital currency, even as many other central banks globally are pressing ahead on such plans.

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