Ex-Fed vice-chair Quarles has lost none of his fervor in opposing US CBDC

05/04 06:24

According to Cointelegraph, former United States Federal Reserve vice-chair for supervision Randal Quarles discussed central bank digital currencies (CBDC) and the chances of the U.S. adopting such technology in an interview on the "Banking With Interest" podcast Tuesday. Quarles, who is known for his opposition to a CBDC, expressed his skepticism about the so-called digital dollar and predicted the U.S. will not introduce it. Quarles said a close analysis of CBDCs would show that their advantages are “extremely marginal, if they exist at all.” He did not see the potential for CBDCs in promoting financial inclusion. Using a CBDC to exclude the role of the bank would be “pathological,” he added. Quarles said opinions on CBDCs differ within the Fed, but he lamented the attitude of following in other nations' footsteps just for the sake of it. He did not think a bill authorizing a CBDC could pass Congress.
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