Federal Reserve Bank Would Like Our Input on New Digital Currency Proposal

05/16/2022 6:22 PM | Billie Jean (BJ) Cary (Administrator)

The FRB has contacted our Association leadership requesting our members' feedback regarding a paper on digital currency. 

The Federal Reserve is seeking FWIT member input on a recently published a discussion paper that examines the pros and cons of a potential U.S. central bank digital currency (CBDC). In this paper, a CBDC is defined as a digital liability of a central bank that is widely available to the general public. While Americans have long held money in digital form, a CBDC would differ from existing digital money available to the general public because a CBDC would be a liability of the Federal Reserve. The paper concludes with a request for public comment on specific questions in the paper, the first step in a public discussion between the Federal Reserve and stakeholders about CBDC.

The paper and FWIT do not favor any policy outcome. The comment period is open until 5/20/2022.

Please visit https://www.federalreserve.gov/publications/money-and-payments-discussion-paper.htm to share your thoughts with the FRB on a potential CBDC. 

You can also post thoughts to share with your fellow FWIT members on our Discussion Forum in the Members Area.

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