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Translated by: OX News Team – Lisa0527

On May 27th, according to a report from New York, Federal Reserve Vice Chair LaelĀ Brainard testified at a U.S. House of Representatives hearing on the central bank’s digital currency issues on May 26th. She said it is important to participate in setting [international transaction standards] and stressed the need for the U.S. to take a leadership role in setting standards, in response to the Chinese Communist Party’s DCEP and other digital currencies.

Image: REUTERS/Kevin Lamarque/File Photo

We benefit greatly from having the U.S. dollar as the dominant settlement currency, and it is important that we maintain our dominant position in international settlements, Brainard said.

In a speech in February, Brainard also expressed caution about the Communist China’s DCEP, saying it could have an impact on standard-setting for cross-border digital financial transactions.


Proofread/Edited by: James L
Posted by: James L

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