fed considers the potential risks and benefits of issuing a national digital currency (CBDC) through research and experimentation. The final evacuation decision has not been made.

While the Federal Reserve has not made any decisions on whether to pursue a central bank digital currency (CBDC), we are investigating the potential benefits and risks of CBDCs from several perspectives, including technological research and experimentation. (2/3)

— Federal Reserve (@federalreserve) 13 April 2022

The current statement contrasts with the neutral tone of the previous ones. Fed Chairman Jerome Powell noted that it is important that the United States is not the first to issue a CBDC, but that it does so with the right approach. In the documents, the regulator noted that the final decision on release should be made by Congress.

The January 2022 CBDC study report included similar language. The Fed then sought public opinion on its provisions until May 20.

After a month FRB Boston and MYTH submitted a whitepaper and open source CBDC as part of the first phase of exploring its potential release.

On March 9, President Joe Biden signed an executive order to coordinate federal agencies in regulating cryptocurrencies. The document required departments to consider the opportunities, benefits and risks of issuing digital dollars.

Along with the current statement, a CBDC FAQ section has appeared on the Central Bank website. In it, the Fed said that digital wallets, fintech apps, and cryptocurrencies and stablecoins could “improve the already secure and efficient US payment system.”

The final decision on issuing a CBDC will be made based on the following criteria:

• benefits for households, businesses and the economy as a whole;
• improvement of existing technological infrastructure;
• consumer privacy;
• adding currency formats of money and financial services;
• protection from criminal activities.

Remember, in February, Senator Pat Toomey saw the digital yuan as a threat to US national security.