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. Hammer?
Randal Quarles, the Federal Reserve’s vice-chair for supervision, recently used that very imagery to express his skepticism. He wasn’t trying to prejudge the monetary authority’s thinking, which will soon be outlined in an eagerly awaited discussion paper on a so-called FedCoin.
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