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New York Sun: The Fed and crypto -- back to basics
From The New York Sun
Thursday, January 20, 2022
Could the announcement that the Federal Reserve is weighing "the pros and cons" of issuing a "digital currency" be a chance to move to center stage the question of monetary reform?
That is our optimistic interpretation of the discussion paper issued this afternoon by the central bank. For it will soon be confronted with the question of how a digital dollar might, or might not, be defined -- and who defines it.
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The way the Federal Reserve Board is retailing the demarche is that the paper itself "does not favor any policy outcome." Rather, the idea, however novel, is to solicit comment from the public.
The Fed calls the paper "the first step in a discussion of whether and how a central bank digital currency could improve the safe and effective domestic payments system." We find that less than fully candid. ...
... For the remainder of the commentary:
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