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FRS: "MONEY AND PAYMENTS: THE U.S. DOLLAR IN THE AGE DIGITAL TRANSFORMATION".
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Date of Publishing: February, 2022.
No. of Pages: 40.
This paper is the first step in a public discussion between the Federal Reserve and stakeholders about central bank digital currencies (CBDCs). For the purpose of this paper, a CBDC is defined as a digital liability of a central bank that is widely available to the general public. In this respect, it is analogous to a digital form of paper money.
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Contents
1. Key Topics.
2. Public Outreach.
3. Introduction.
4. The Existing Forms of Money.
5. The Payment System.
6. Recent Improvements to the Payment System.
7. Remaining Challenges for the Payment System.
8. Digital Assets.
9. Central Bank Digital Currency.
10. Uses and Functions of a CBDC.
11. Potential Benefits of a CBDC.
12. Potential Risks and Policy Considerations for a CBDC.
13. Seeking Comment and Next Steps.
14. CBDC Benefits, Risks, and Policy Considerations.
15. CBDC Design.
16. Appendix A: Federal Reserve Research on Digital Currencies.
17. Technological Experimentation.
18. Economic and Policy Research.
19. Stakeholder Engagement and Outreach.
20. International Collaboration.
21. Central Bank Money.
22. Commercial Bank Money.
23. Nonbank Money.
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