Earlier this month, the United States Federal Reserve released a long-awaited discussion paper on the pros and cons of creating a central bank digital currency (CBDC) for the US.
The 35-page paper disappointed those expecting a firm policy commitment. But it gave a flavour of the Fed's thinking about its ideal CBDC - one that is privacy-protected, intermediated (the private sector would facilitate the management of CBDC holdings and payments), widely transferrable (between customers of different intermediaries), and identity-verified.
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