As she welcomed Benoît Coeuré to his new position as Head of the Bank for International Settlements’ (BIS’) Innovation Hub, U.S. Federal Reserve governor Lael Brainard told regulators in Frankfurt Wednesday that private (crypto) currency networks pose risks that must be addressed.
She also said that faster conventional payments systems (cross borders, etc.) now being deployed mean proposed Central Bank Digital Currencies (CBDCs), which could complicate the relationship between central and commercial banks, may not be needed.
Brainerd, who holds an MS and a Ph.D. in economics from Stanford and has held a number of high U.S. government posts, made her remarks while speaking on the Monetary Policy, Technology, and Globalisation Panel on at an ECB Colloquium held in honour of Coeuré.