The Fed’s governor has argued that The United States must be at the forefront of developing a central bank-issued digital currency, or CBDC, to bolster the role of the U.S. dollar as a global reserve currency.
In a May 24 announcement, Federal Reserve Governor Lael Brainard asserted that leading CBDC projects could have a “significant effect” on the global financial system, urging the U.S. to ensure it plays a leading role in the burgeoning CBDC ecosystem: