White House Exploring Risks, Benefits of Central Bank Digital Currency

Click here to read the full article.

The Biden administration is “closely examining” the possibilities for issuing a central bank digital currency (CBDC) based on a technical report prepared by the White House Office of Science and Technology Policy (pdf), along with other reports.

“If the U.S. pursued a CBDC, there could be many possible benefits, such as facilitating efficient and low-cost transactions, fostering greater access to the financial system, boosting economic growth, and supporting the continued centrality of the U.S. within the international financial system,” said Alondra Nelson, head of the White House Office of Science and Technology Policy in a press briefing on Sept. 16. “However, a U.S. CBDC could also introduce a variety of risks, as it might affect everything ranging from the stability of the financial system to the protection of sensitive data.”

Based on Executive Order 14067, a central bank digital currency system should integrate seamlessly with traditional forms of the U.S. dollar, improve existing payment systems, ensure global financial interoperability, advance “financial inclusion and equity,” protect national security, “provide ability to exercise human rights,” and “align with democratic and environmental values, including privacy protections,” the technical report states.

Continue reading here.

Scroll down for comments and share your thoughts!

What do you think?

Leave a Reply

Your email address will not be published.

GIPHY App Key not set. Please check settings

Chaos in ‘Sanctuary’ Cities Highlights Their Unpreparedness for Arrivals of Illegal Immigrants: Experts

Appeals Court Allows DOJ to Regain Access to Classified Documents Seized From Mar-a-Lago