According to tech vendors, the u.s. fed’s systematic approach to create a central bank digital money is reasonable. the fed’s prudence provides the united states time to evaluate what other early adopters and risk takers face in terms of regulatory red tape, corporate and consumer uptake.
the rise of central bank digital currencies is unavoidable, but what is unavoidable isn’t always what is best, as andrew keen explains. he believes it would be extremely difficult for a central bank to cover a lending shortage by acting as a credit allocator. customers would need to hold cbdcs with a bank or other intermediary that would provide services.
cbdcs are a new type of bank that the federal reserve and the bank of england are considering creating in the united states. people who don’t trust banks and desire anonymity may use the cbdc, but it would be frowned upon by anti-money fraud and sanctions authorities. there should be a modification needed in the international financial system for the digital age and central banks will lead the way.
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