No Compelling Need For Federal Reserve Cryptocurrency, Says Fed Governor Brainard

Forbes - Tech 

Federal Reserve Governor Lael Brainard said Tuesday night there is no need for a Fed cryptocurrency and the risks of one could be great. Federal Reserve Governor Lael Brainard said Tuesday night that a cryptocurrency from the Fed or another central bank could risk creating a global target for cyberattacks or provide a ready means of money laundering. "There is no compelling demonstrated need," Brainard told a digital currency forum at the Federal Reserve Bank of San Francisco. While proponents of central bank cryptocurrencies have argued they would be more stable and reliable than Bitcoin and other digital currencies from the private sector, Brainard said they could very well be wrong. In addition to the cybercrime and money laundering risks, the Fed Governor said the technological challenges to creating a central bank cryptocurrency would be immense.