The Federal Reserve is not any closer to making a decision on a central bank digital currency (CBDC), the Fed’s Michael Barr said in a speech on Friday.
The Vice Chair for Supervision added that — as companies and central banks continue to mull stablecoins and CBDCs — “we must carefully weigh the benefits and risks of different uses of these new technologies.”
Barr reiterated that the Fed continues to explore and research “emerging technologies that might support a CBDC payments backbone, or for other purposes in the existing payments system.”
“The research is currently focused on end-to-end system architecture, such as how ledgers that record ownership of and…
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