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Leal Brainard, vice chairwoman at the Federal Reserve, has been the central bank’s most vocal proponent for experimenting with government-issued digital money as cryptocurrencies like bitcoin BTCUSD, -0.71% and ether ETHUSD, -4.10% have exploded in popularity and as use of Federal Reserve paper money has declined in recent years.

Brainard said that physical cash provides the public with access to safe central bank money that is free from the risk that the Federal Reserve will go bankrupt, unlike private digital currencies like Terra.

It was so widespread that it led to the need for a uniform national currency.” In January, the Federal Reserve issued a report on central-bank digital currency, which explained the potential risks and benefits of a Fed-issued digital dollar.