Fed Vice Chair Says it is Necessary to Issue a Digital Dollar

Fed vice chair Lael Brainard has said the introduction of the digital dollar will help maintain its global dominance against the backdrop of the emergence of similar currencies in other countries.

She has said during a speech to the Committee on Financial Services of the House of Representatives of Congress:

“We should not take the global status of the dollar for granted. Other major states are issuing their own digital currencies, so we need to consider whether the United States will continue to dominate if we do not have a similar “digital currency.”

At the same time, she has emphasized there are opponents of the idea of ​​​​introducing a national digital currency in the leadership of the regulator. Skeptics believe many US dollar transactions have already gone digital, and the new currency could jeopardize user privacy.

The decision on the issue of the national digital currency has not yet been made, as it still must receive support from the White House and the Congress.