Comments Due to NAFCU: Federal Reserve - Central Bank Digital Currency
NAFCU would like to highlight the following:
- A potential CBDC would be a liability of the Federal Reserve that should “complement, rather than replace, current forms of money and methods for providing financial services.”
- The paper summarizes the current state of the domestic payments system and discusses the different types of digital payment methods and assets, including stablecoins and other cryptocurrencies.
- The Federal Reserve suggests that a CBDC could support faster and cheaper payments (including cross-border payments) and expand consumer access to the financial system.
- The Federal Reserve does not intend to proceed with issuance of a CBDC without clear support from the executive branch and from Congress, ideally in the form of a specific authorizing law.
Comments due to NAFCU: March 31, 2022
Comments due to Federal Reserve: May 20, 2022
NAFCU will send comments on behalf of its members to the Federal Reserve by their deadline (May 20, 2022).