IS the idea of a digital dollar just a fad – like the 1980s craze with parachute pants that became synonymous with Michael Jackson and M.C. But speaking for himself, Quarles isn’t convinced that the Fed should have to issue its own electronic money to the public even if other central banks do so. My interpretation of what he’s suggesting is this: Instead of one, there could be many digital dollars. Federal Reserve Vice Chairman for Supervision Randal Quarles Quarles isn’t convinced that the Fed should have to issue its own electronic money to the public even if other central banks do so. And if central banks recognise one another’s digital IDs, cross-border remittances could become a lot cheaper with digital currencies issued by them.

Source: The Star July 07, 2021 21:22 UTC