United States of America: Published white paper on US central bank digital currency (CBDC)

On 22 June 2022, Congressman Jim Himes released a white paper proposing a central bank digital currency (CBDC) by the Federal Reserve. The paper analyses the benefits and risks of a US CBDC and discusses potential architectures, as well as privacy and national security concerns. According to the paper, introducing a digital currency would strengthen the USD as a global reserve currency and bring enhanced trust in digital currencies compared to private sector stablecoins and cryptocurrencies. Previously, in January 2022, the Federal Reserve had announced that it would only issue a CBDC with explicit support from the executive branch and Congress, preferably following a specific authorising bill. The white paper aims to urge Congress to consider and advance legislation to this effect.