“The introduction of a CBDC would represent a highly significant innovation in American money,” says The Fed in its much-anticipated report on the possible issuance of a U.S. digital currency.
The 35-page discussion paper on a government-backed coin makes no firm conclusions on whether (making it clear it did not “favour any policy outcome” at this point) it should be issuing a CBDC, but instead solicits feedback (as Powell had previously explained would be its purpose).link
It’s not the ideas I fear but those proposing them and those who would oversee them. The track record of that group could not be more dismal. ABN