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Lyle Brainard, head of the Federal Reserve’s regional office

The Federal Reserve is ramping up its research and other efforts toward the potential development of the digital version of the US dollar at a time when more and more consumers are using electronic payments and competing governments are doing their own work on the potential. Central Bank Digital Currency Application (CBDC), Federal Reserve Governor Lyle Brainard said Monday.

According to Brainard, the digital dollar should be a priority

As the world’s reserve currency holder, the United States must be deeply involved in the process of changes taking place in the payment markets. Other countries are developing digital currencies that can be used to transfer money faster and more securely than before, Brainard comments.

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The Federal Reserve is ramping up its research and public commitment to the digital version of the US dollar – Brainard said in the comments prepared for the virtual event organized by CoinDesk.

She added that the central bank also needs to anticipate changing consumer trends and ensure that Americans have access to “central bank safe money” as digital payments are becoming more and more popular.

The regional Fed chief warned that the increasing availability of digital payment options from private companies also threatens to “fragment” the payment space in a way that could create friction and hamper some consumers.

Before the US government can provide a secure and open digital currency for all, Brainard said, important political and technological issues must be addressed. It concluded that politicians will also need to find a balance in developing a digital currency that preserves the privacy of families while preventing illegal activities.

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