In a speech before the U.S. Monetary Policy Forum, Federal Reserve Board ("FRB") Governor Lael Brainard highlighted the increasing digitalization and decentralization of global finance and considered the implications of such trends for the financial system.
Ms. Brainard highlighted five areas for the FRB as it plans for the future of the financial system:
The Evolving Digitalization and Decentralization of Finance: Ms. Brainard argued that it is important to develop robust statutory and regulatory frameworks that deal with both digital payment mechanisms (particularly, stablecoins) and the delivery of services through decentralized finance platforms.
Preparing for the Payment System of the Future: Ms. Brainard emphasized that the FRB "needs to be preparing for the payment landscape of the future." She argued that the FRB should further consider how the possible development and implementation of a U.S. central bank digital currency ("CBDC") will affect the FRB's "responsibilities to maintain financial stability, a safe and efficient payment system, household and business access to safe central bank money, and maximum employment and price stability." She highlighted the Federal Reserve's recent issuance of a discussion paper analyzing various policy and design considerations implicated by a U.S. CBDC.
Financial Stability: Ms. Brainard noted that the FRB's consideration of a U.S. CBDC must...
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