For release on delivery 9:00 a.m. EDT May 24, 2021  Private Money and Central Bank Money as Payments Go Digital: an Update on CBDCs  Remarks by Lael Brainard Member Board of Governors of the Federal Reserve System at the Consensus by CoinDesk 2021 Conference Washington, D.C. (via webcast)  May 24, 2021  Technology is driving dramatic change in the U.S. payments system, which is a vital infrastructure that touches everyone.
1 The pandemic accelerated the migration to contactless transactions and highlighted the importance of access to safe, timely, and low-cost payments for all. With technology platforms introducing digital private money into the U.S. payments system, and foreign authorities exploring the potential for central bank digital currencies (CBDCs) in cross-border payments, the Federal Reserve is stepping up its research and public engagement on CBDCs.