Fed Vice Chair Quarles Says Digital Dollar Could Pose Significant Risks to US...
The Federal Reserve’s vice chairman of supervision and the chair of the Financial Stability Board (FSB), Randal K. Quarles, doubts the benefits of the digital dollar but says it “could pose significant and concrete risks” to the U.S. banking system. Fed Vice Chair Speptical About Digital Dollar Federal Reserve Vice Chair of Supervision Randal Quarles talked about bitcoin and the Fed’s work on a central bank digital currency (CBDC), the digital dollar, in a speech at the Utah Bankers Association Monday. Quarles is also the chairman of the Financial Stability Board....
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Though Randal Quarles said there was a "legitimate and strong regulatory interest in how stablecoins are constructed and managed," a U.S. dollar-pegged coin could help provide support for its fiat counterpart. Randal Quarles, vice chair for supervision of the Federal Reserve Board of Governors, said he believed neither dollar-pegged stablecoins nor digital currencies issued by foreign central banks are likely major causes for concern for the U.S. dollar.In a prepared statement for the Annual Utah Bankers Association Convention Monday, Quarles said that foreign currencies — whether fiat or....
The former Federal Reserve official once again expressed his opposition to a United States central bank digital currency in a Tuesday podcast. Former United States Federal Reserve vice-chair for supervision Randal Quarles discussed central bank digital currencies (CBDC) and the chances of the U.S. adopting such technology in an interview on the "Banking With Interest" podcast Tuesday. Quarles, who is known for his opposition to a CBDC, expressed his skepticism about the so-called digital dollar and predicted the U.S. will not introduce it.Quarles, who served at the Fed from 2017 to 2021,....
Randal Quarles has been a member of the Federal Reserve Board as well as its vice-chair for supervision since 2017. Randal Quarles has resigned his position from the Board of Governors of the Federal Reserve System, effective by the end of December. In a Friday resignation letter addressed to United States President Joe Biden, Quarles said he planned to leave the Fed “during or around the last week of December of this year” after serving at the government agency for more than four years. He has been a member as well as its vice-chair for supervision since 2017, with terms expected to end....
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