A fully digital US dollar would be a better online currency than crypto, new Fed report suggests
from the President's Working Group on Financial Markets found gaps in the authority of regulators to address some stablecoin risks.
CBDCs could even improve cross-border payments, but such gains would take time to materialize. International CBDC transfers would require new infrastructure, government coordination, and enforcement to curb illicit finance. Still, a future network of CBDC could do away with transfer fees and long settlement times.A fully digitized dollar would come with its fair share of pitfalls, the Fed warned.
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