Randal Quarles was the former United States Federal Reserve Vice-chair for Supervision These topics were discussedInterview on Tuesday’s “Banking With Interest Podcast” featured central bank digital currencies and how likely it is that the U.S. will adopt such technology. Quarles is well-known for opposing a CBDC and expressed doubt about it. He predicted that the U.S. would not adopt 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: