The world is rapidly moving towards the widespread use of digital currencies, says Lael Brainard.
The introduction of the digital dollar will help save itglobal dominance against the backdrop of the emergence of similar currencies in other countries. This was stated by Deputy Chairman of the US Federal Reserve System (FRS) Lael Brainard, writes CoinDesk.
"We must not perceive the global statusdollar 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],” Brainard said during a speech to the Committee on Financial Services of the House of Representatives of Congress.
At the same time, the vice chairman of the Fed emphasized that inThe regulator's leadership is opposed to the idea of introducing a national digital currency. Skeptics believe that many US dollar transactions have already gone digital, and the new currency could jeopardize user privacy.
Decision on the release of the national digitalcurrency has not yet been accepted. The idea will not be realized without the support of the White House and Congress. At the same time, according to Brainard, even if an agreement is reached on the digital dollar, its introduction will take about five years.
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