WASHINGTON (Reuters) -The Federal Reserve's top regulatory official said on Friday the central bank is 'a long way' from any decision on whether it would issue its own digital currency, and added it would not do so without official support in Washington. Fed Vice Chair for Supervision Michael Barr said while officials are investigating a central bank digital currency (CBDC), the Fed was far from any decision. 'In my view, as both the issuer of U.S. currency and an operator in the payments system, the Federal Reserve must understand these developments and the tradeoffs [CBDCs] introduce,' said Barr in prepared remarks to a fintech conference in Philadelphia.
FILE PHOTO: Federal Reserve Board Vice Chair for Supervision, Michael Barr, testifies before a Senate Banking hearing about recent bank failures on Capitol Hill in WashingtonWASHINGTON -The Federal Reserve's top regulatory official said on Friday the central bank is "a long way" from any decision on whether it would issue its own digital currency, and added it would not do so without official support in Washington.
"In my view, as both the issuer of U.S. currency and an operator in the payments system, the Federal Reserve must understand these developments and the tradeoffs [CBDCs] introduce," said Barr in prepared remarks to a fintech conference in Philadelphia. "Of course, investigation and research are very different from decision-making about next steps in terms of payments system development, and we are a long way from that.
On the matter of digital currencies issued outside official agencies, Barr said he remained "deeply concerned" about so-called stablecoins gaining a strong foothold in the financial system without significant oversight.
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