House Republicans seek more analysis on a possible US CBDC in letter to the Fed - Aliens: AI Crypto News & Markets Updates
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House Republicans seek more analysis on a possible US CBDC in letter to the Fed

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The Block

Thu, May 19, 2022

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Now, lawmakers are asking the Fed to address the parts of the financial system that a CBDC could improve.

"As the Fed considers its next steps, we believe it is necessary to first understand the problems a CBDC would solve," said the letter.

"Moreover, we believe the Fed should understand whether the benefits of a CBDC outweigh the risks to commercial banks, the existing payments system, and consumers." Lawmakers have asked the Fed to discern inefficiencies in the US payment system and examine whether a CBDC would mitigate them.

The existing Fed paper doesn't adequately address how a CBDC would solve difficulties unbanked individuals may have in paying minimum balance fees or distrust of banking institutions that could lead them to avoid the banking system, according to the lawmakers.

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