Fed Governor Lael Brainard said in a speech that “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,” she added, “the Federal Reserve is stepping up its research and public engagement on CBDCs.”
