Ex-Fed vice-chair Quarles has lost none of his fervor in opposing US CBDC

Ex-Fed vice-chair Quarles has lost none of his fervor in opposing US CBDC


Former United States Federal Reserve vice-chair for supervision Randal Quarles discussed central bank digital currencies (CBDC) and the chances of the U.S. adopting such technology in an interview on the “Banking With Interest” podcast Tuesday. Quarles, who is known for his opposition to a CBDC, expressed his skepticism about the so-called digital dollar and predicted the U.S. will not introduce it.

Quarles, who served at the Fed from 2017 to 2021, said a close analysis of CBDCs would show that their advantages are “extremely marginal, if they exist at all.” He did not see the potential for CBDCs in promoting financial inclusion, commenting: 

“You’re going to need an account at the bank, the way you need to use money now, and in addition […] a cellphone and wireless

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