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In the United States, the Fed cannot deploy a production CBDC on its own. Their responsibilities and privileges are bound by a mandate of congress, so it would
by treyd 3y ago
In the United States, the Fed cannot deploy a production CBDC on its own. Their responsibilities and privileges are bound by a mandate of congress, so it would require an act of congress to allow them make it happen and on what terms.
- mitthrowaway2 3y agoThat's precisely what I meant by "whether it ever gets implemented is up to policymakers." The central banks, though, are the ones who actually implement the mechanics of the CBDC, even though policymakers are the ones who authorize it. And it's likely that unless policymakers are especially wonkish about those implementation details, they will defer to the central bank's research and recommendations, in terms of how it should be implemented, once the policymakers have decided that they want the central bank to introduce a CBDC.