Status: Will be live at 05/23/2022 09:00
IIF Response to the FRB’s Discussion Paper on a Potential U.S. CBDC
The IIF has made a submission to the U.S. Federal Reserve Board of Governors responding to its discussion paper, Money and Payments: The U.S. Dollar in the Age of Digital Transformation, on a potential U.S. CBDC. The submission observes that, for a retail U.S. CBDC, there would be many challenging trade-offs and design choices ahead. Among them, the public policy objectives sought to be advanced by a U.S. CBDC should be clearly enunciated and prioritized, the economic and liability model should be clearly resolved, and privacy controls should be further articulated. We foremost stress the importance of the Fed developing its thinking around a potential U.S. CBDC in close collaboration with the private sector, should it be determined that a U.S. CBDC is found likely to be appropriate and in the national interest.