Rolling coverage of the latest economic and financial newsLatest: Lael Brainard warns of rise of private moneyBrainard: Stablecoins don’t provide same protection as bank depositsSays Fed is stepping up work on digital dollarEarlier;Liberty Steel outlines major restructuringLiberty seeks buyer for aerospace and special alloys site in StocksbridgeHSBC has no plans to offer bitcoin to clientsChina warns against commodities speculation and hoardingBritain’s electric car charging network to get £300m boost 3.48pm BST Lael Brainard also told CoinDesk’s virtual conference that the US economy is a ‘pretty unprecedented’ rebound.She also predicts that the squeeze on supply chains, which has pushed up costs, should subside.The recent inflation spike seen in some areas of the economy should settle down after prices recover from the lows reached at the start of the pandemic and temporary imbalances between supply and demand are addressed, Federal Reserve Board Governor Lael Brainard said on Monday. “We’re in the middle of a pretty unprecedented rebound in the U.S. economy,” Brainard said during a virtual discussion organized by CoinDesk. While some prices may increase further over the next several months, Brainard said she expects these pressures associated with supply bottlenecks and the reopening to “subside over time.” 3.45pm BST CoinDesk’s Anna Baydakova has summarised the key points from Lael Brainard’s speech on central bank digital currencies (and a possible digital dollar).Dr. Lael Brainard, governor of the @federalreserve: “Technology is driving a huge change in the U.S. payment system. The Federal reserve is ramping up its effort on CBDC. The pandemic accelerated the migration from cash to digital payments.”#Consensus2021 pic.twitter.com/wnlGBCsPdlDr. Lael Brainard, governor of the @federalreserve says that stablecoins don’t have a payment status and are not enough to sustain the transition to digital payments. They can fragment the monetary system, she said in a keynote speech at #Consensus2021.”New forms of private money can lead to concerns about consumer protection and broader financial stability. In contrast, CBDCs can help ensure stability.” Lael Brainard, of the @federalreserve, at #Consensus2021International collaboration on standard setting is needed to ensure the safe implementation of CBDCs, says Lael Brainard of the @federalreserve.#Consensus202 Continue reading…
Read More