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Central Bank Digital Currency- Has the time come?

Well according the the US Federal Reserve Chairman, "it is this area that motivates our interest". The OCC, CFPB and other federal agencies have long proposed implementing a solution that provides faster and cheaper payments, but the banking lobby has countered with concerns over risk, cyber attacks and counterfeiting that have slowed many payment modernization efforts.

Other central banks have weighed those risks and have moved forward aggressively with plans for a central bank digital currency (CBDC). China has announce the digital yuan will be unveiled before the 2022 Winter Olympics. Canada, Japan and Thailand and many other countries have announced plans to deploy a CBDC.

While the US still has a strong bias towards cash, will the "exact change" movements from COVID-19 and the rise in debit/credit transactions finally result in the death of cash? Will the Federal Reserve develop their own CBDC or partner with a private firm? Or will it continue with incremental improvements to the current electronic payment system that don't threaten the banking status quo?

Check out this AltcoinBuzz Article for more insights.


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