according to experts stephen cecchetti and kim schoenholtz said that central bank digital currency (cbdc) is not required. because most of the private sectors already have a much accessible system. they also said that “fear of being left behind” is what triggered the central banks in producing cbdcs. they also recommend that central banks should “move gently to assure a safe design.”
the duo also point out that privacy is a concern because cbdc makes transactions traceable, posing “severe dangers” to personal liberty. the american bankers association expressed its regulatory concerns about crypto assets last month.
there are non-cbdcs now world wide. fednow, the federal reserve’s own fast payments service, is expected to start in 2023. the tips system in europe, faster payments in the u.k. are examples of non-cbdc services.
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