Fed’s CBDC efforts should not be driven by digital yuan, Fed official says

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The Federal Reserve’s decision to issue a central bank digital currency (CBDC) should be made independent of what Chinese policy-makers do, an official from the St Louis Fed says.

“I think China’s going to do what it’s going to do, and what we should be doing is what should be good for American citizens,” said David Andolfatto, senior vice-president and economist, in response to questions submitted via Twitter.

The People’s Bank of China began public trials of its digital yuan in October 2020

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