United States of America: Announced creation of CBDC Working Group

On 1 March 2023, the US Treasury announced the creation of an interagency “CBDC Working Group” which will complement the work of the Federal Reserve Bank on determining whether a US Central Bank Digital Currency (CBDC) is in the national interest. The CBDC Working Group will meet regularly to examine the implications of a US CBDC for policy objectives related to economic and strategic benefits for the US, the potential impact of CBDC on US national security and the stability of its financial system and issues on privacy, illicit finance, and financial inclusion. In addition, the CBDC Working Group is developing an initial set of findings and recommendations related to whether a US CBDC would help to advance the policy objectives described above, the features that a US CBDC would need to advance these objectives, options for resolving CBDC design trade-offs, and areas where additional technological research and development would be required. Finally, the CBDC Working Group will engage with other countries and participate in global standard-setting initiatives, share technology and technical expertise for the responsible development of CBDC.