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Fed Mulls Softening Hit to Commercial Banks Amid Possible Future Digital Dollar Issuance

By WebsCryptoMay 27, 20221 Min Read
Fed Mulls Softening Hit to Commercial Banks Amid Possible Future Digital Dollar Issuance
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Fed Vice Chairman Brainard said the Fed is considering various means to soften the impact on commercial bank deposits if the U.S. government decides to issue a digital dollar. Brainard said on Thursday that while deposits will inevitably decline, the Fed is looking for ways to avoid a sharp drop in deposits.

Industry lobby groups including the American Bankers Association and the Banking Policy Institute have called on the government to hold off on launching a central bank digital currency, fearing it would divert money from the banking system and reduce credit to businesses and households.

“We’ve been doing a lot of thinking in terms of the potential impact on deposits, and any future developments in the digitalisation of the financial system will lead to a reduction in cash usage and a reduction in bank deposits,” she noted.

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