With cryptocurrency and decentralized finance ((DeFi)) platforms "likely to continue to grow and evolve in ways that increase interconnectedness with the traditional financial system... The Federal Reserve needs to be preparing for the payment landscape of the future even as we continue to make improvements to meet today's needs," said Federal Reserve Governor Lael Brainard in a prepared speech at the U.S. Monetary Policy Forum. As part of that process, the Fed has been thinking about whether there's "a role for a potential U.S. central bank digital currency (CBDC) in the digital payment landscape of the future and about its potential properties, costs, and benefits," she said. The analysis needs to evaluate a potential CBDC's impact on the stability of the financial system. "It would be important to explore design features that would ensure complementarity with established financial intermediation," Brainard said. Put simply, that means any potential U.S. CBDC wouldn't compete
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