{"id":6868,"date":"2022-01-21T08:48:09","date_gmt":"2022-01-21T08:48:09","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=6868"},"modified":"2022-02-14T17:48:37","modified_gmt":"2022-02-14T17:48:37","slug":"fed-suggests-id-based-digital-dollar","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2022\/01\/21\/fed-suggests-id-based-digital-dollar\/","title":{"rendered":"Fed suggests ID-based digital dollar"},"content":{"rendered":"<p>The US central bank has set out its thoughts on a possible future digital currency (CBDC) in <a href=\"https:\/\/www.federalreserve.gov\/publications\/money-and-payments-discussion-paper.htm\">a widely awaited discussion paper<\/a>, released yesterday.<\/p>\n<p>In the paper, the Federal Reserve Board said it is soliciting opinions on the design of a future CBDC. A public comment period will extend to May 20.<\/p>\n<p>The Fed said that it does not favour any particular policy outcome and will seek the support of US legislators.<\/p>\n<p>However, it added that its initial analysis had concluded that a US CBDC should be \u201cprivacy-protected, intermediated, widely transferable and identity-verified\u201d.<\/p>\n<p><strong>Following China\u2019s two-tier model<\/strong><\/p>\n<p>This appears to rule out the prospect of US citizens holding digital currency accounts directly with the central bank. Instead, CBDC holders would have accounts with regulated intermediaries, such as banks or non-bank service providers, which would provide payment services.<\/p>\n<p>\u201cAn intermediated model would facilitate the use of the private sector\u2019s existing privacy and identity-management frameworks; leverage the private sector\u2019s ability to innovate; and reduce the prospects for destabilizing disruptions to the well-functioning U.S. financial system,\u201d the Fed said in the paper.<\/p>\n<p>This two-tier model follows the route chosen by China, <a href=\"https:\/\/newmoneyreview.com\/index.php\/2022\/01\/13\/growing-east-west-divide-on-central-bank-digital-currency\/\">which is currently introducing its CBDC in a pilot programme<\/a>.<\/p>\n<p>Two weeks ago China <a href=\"https:\/\/asia.nikkei.com\/Spotlight\/Caixin\/China-launches-digital-yuan-app-in-pilot-cities-nationwide\">launched a new CBDC app<\/a>\u00a0for iOS (Apple) and Android phones.<\/p>\n<p>The so-called \u2018e-CNY\u2019 (digital yu\u2019an) app is available to users in 12 Chinese cities and regions, as well as the host cities for next month\u2019s Winter Olympic Games, Beijing and Zhangjiakou.<\/p>\n<p>Any US CBDC would likely lack the anonymity protections provided by cash, the Fed suggested in its paper.<\/p>\n<p>\u201cAny CBDC would need to strike an appropriate balance, however, between safeguarding the privacy rights of consumers and affording the transparency necessary to deter criminal activity,\u201d the central bank said.<\/p>\n<p>\u201cA CBDC intermediary would need to verify the identity of a person accessing CBDC, just as banks and other financial institutions currently verify the identities of their customers,\u201d the Fed went on.<\/p>\n<p><strong>Design challenges<\/strong><\/p>\n<p>Some of the thorniest design challenges for a US CBDC centre on its possible impact on the structure of the financial system.<\/p>\n<p>\u201cA widely available CBDC would serve as a close\u2014or, in the case of an interest-bearing CBDC, near-perfect\u2014substitute for commercial bank money,\u201d the Fed said in its paper.<\/p>\n<p>\u201cThis substitution effect could reduce the aggregate amount of deposits in the banking system, which could in turn increase bank funding expenses, and reduce credit availability or raise credit costs for households and businesses.\u201d<\/p>\n<p>\u201cSimilarly, an interest-bearing CBDC could result in a shift away from other low-risk assets, such as shares in money market mutual funds, Treasury bills, and other short-term instruments. A shift away from these other low-risk assets could reduce credit availability or raise credit costs for businesses and governments.\u201d<\/p>\n<p>The US central bank said it could reduce the severity of these impacts by making a CBDC non-interest-bearing (like dollar cash), and by restricting the amount of CBDC any one person could hold.<\/p>\n<p>The Federal Reserve also said it might have to increase the size of its balance sheet to accommodate a CBDC.<\/p>\n<p>The Fed\u2019s balance sheet has soared from $0.9trn to $8.8trn since the 2008 financial crisis, with its assets more than doubling since the start of the coronavirus pandemic.<\/p>\n<p>\u201cThe Federal Reserve would likely need to increase the level of reserves on average, in order to provide an adequate buffer against unanticipated increases in CBDC,\u201d the central bank said in its paper.<\/p>\n<p>\u201cSuch surges could otherwise push the aggregate quantity of reserves in the banking system below the \u201cample\u201d level and put upward pressure on the federal funds rate.\u201d<\/p>\n<p><strong>Poor substitute for cash<\/strong><\/p>\n<p>One critic reacted to the paper by saying any US CBDC following the Fed\u2019s design outline would be a poor substitute for cash.<\/p>\n<p>\u201cPresently and for thousands of years, individuals are\/have been able to transact with cash anonymously, and do not need\/have not needed to sign-up or provide their identity in order to make transactions with public money,\u201d <a href=\"https:\/\/twitter.com\/rohangrey\/status\/1484251954167500802\">said Rohan Grey<\/a>, an assistant professor at Willamette university and <a href=\"https:\/\/newmoneyreview.com\/index.php\/2021\/07\/14\/keeping-the-dollar-public\/\">a recent guest on the <em>New Money Review<\/em> podcast<\/a>.<\/p>\n<p>\u201cEliminating that capacity in the digital age is extreme,\u201d said Grey.<\/p>\n<p><em><a href=\"http:\/\/eepurl.com\/du6eTr\">Sign up here<\/a> for the New Money Review newsletter<\/em><\/p>\n<p><em><a href=\"https:\/\/blubrry.com\/newmoneyreview\/\">Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n<p><span style=\"text-decoration: underline;\">Related content from\u00a0<em>New Money Review<\/em><\/span><\/p>\n<p><a href=\"https:\/\/newmoneyreview.com\/index.php\/2019\/12\/18\/how-india-leapfrogged-the-west-in-payments\/\">How India leapfrogged the West in payments<\/a><\/p>\n<p><a href=\"https:\/\/newmoneyreview.com\/index.php\/2020\/07\/07\/breaking-the-grip-of-the-platforms\/\">Breaking tech platforms&#8217; grip<\/a><\/p>\n<p><a href=\"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/23\/rise-of-the-platforms\/\">Rise of the platforms<\/a><\/p>\n<p><a href=\"https:\/\/newmoneyreview.com\/index.php\/2021\/02\/17\/going-cashless\/\">Going cashless<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The US central bank has set out its thoughts on a possible future digital currency (CBDC) in a widely awaited discussion paper, released yesterday. In the paper, the Federal Reserve [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":6717,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1013,1012,1053,1014],"tags":[1228,2102],"class_list":{"0":"post-6868","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-account","8":"category-exchange","9":"category-featured-1","10":"category-payment","11":"tag-federal-reserve","12":"tag-us-cbdc"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fed suggests ID-based digital dollar - New Money Review<\/title>\n<meta name=\"description\" content=\"The US central bank says any future digital dollar will likely be less private than dollar cash. 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