The central bank of the United States – the Federal Reserve – released a discussion paper that examines the advantages and disadvantages of rolling out a potential US CBDC. This is the first conversation that the Fed has organized with the broad public to determine whether and how the digital version of the dollar could benefit the domestic financial system.
that the world’s leading economy will first “carefully and thoughtfully” examine the matter before jumping into decisions., the Fed outlined the most significant pros and cons of such a financial product. “We look forward to engaging with the public, elected representatives, and a broad range of stakeholders as we examine the positives and negatives of a central bank digital currency in the United States,” Powell said.The institution noted that consumers and businesses have long held and transferred money in digital forms, including bank accounts or online transactions.
However, the digital version of the US dollar could work against people’s privacy as the government would control the monetary product. It may also not be beneficial for America’s financial stability and not advance the existing means of payment.Last year, Powell argued that a CBDC’s main benefit could be to replace cryptocurrencies, including stablecoins.
“The currency that is being used in China is not the one that would work here. It’s one that really allows the government to see every payment for which it is used in real time.”
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