Richmond Fed: is US ready for digital dollar?
Brief argues there are questions to answer before embarking on CBDC
The Richmond Fed has published an economic brief endorsing “the cautious approach” the Federal Reserve is taking towards digital currency.
Should the Fed Issue Digital Currency? by Jessie Romero, Zhu Wang and Russell Wong, examines several questions concerning CBDCs, including demand, accounting, security and cost.
The authors note that a digital currency might make the US’s highly centralised retail payments system more efficient by creating competition. Digital currency could theoretically
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