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CBDC a “major innovation in American monetary system”

 


What does the Fed say about crypto and a CBDC? In a report, the US central bank is now announcing its thoughts on the subject and is also asking the public for help.



After delays, the U.S. Federal Reserve released what it dubbed the “Discussion Paper” crypto-crypto report .

The report focuses heavily on CBDCs and tends to ignore the rest of the crypto space.

In the report, the Fed explains the opportunities and risks that could be associated with the introduction of a CBDC.

"A CBDC could serve as a new foundation for the payment system and a bridge between different payment services, both old and new," the Fed stated. "Also, it could retain the centrality of safe and trusted central bank money in a rapidly digitizing economy," the US Federal Reserve continued to write.

However, a CBDC would also “raise complex policy issues and risks,” says the Fed. In doing so, it expresses its concerns about the effects on the structures and stability of the financial market.

The report also concluded that “the Federal Reserve welcomes comments from all stakeholders” and would “only pursue a CBDC in the context of broad public and cross-government support”.

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