# Professor Richard Sylla explains why the late Paul Volcker would have likely embraced the concept of government-backed digital currencies

1 Faculty News December 12, 2019 ![CoinDesk logo](/sites/default/files/styles/246w/public/assets/images/coindesklogo192x144.jpg?itok=JirvmN30)>

Excerpt from [CoinDesk](https://www.coindesk.com/volcker-might-have-said-yes-to-a-digital-dollar-if-he-knew-what-it-was) -- "The promise of these government-backed digital currencies is that they might reduce the need for paper bills and coins, making it easier for consumers and businesses alike to exchange payments. Those are benefits that Volcker likely would have embraced, says [Richard Sylla](https://www.stern.nyu.edu/faculty/bio/richard-sylla), a New York University economics professor emeritus who specializes in financial history."

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