The argument against the Fed creating a central bank digital currency


Last week Federal Reserve Vice Chair Lael Brainard warned House lawmakers about the risks of moving too slowly to issue a central bank digital currency, or a so-called “digital dollar,” saying that failure to act could jeopardize the dollar’s status as the world’s dominant currency.

Not everyone thinks a central bank digital currency, or CBDC, would be a boon for the U.S., including Chris Hughes, senior fellow at the New School, co-founder and co-chair of the Economic Security Project and senior advisor at the Roosevelt Institute, who just put out a report on the issue.

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