CBDC WOULD GIVE FED TOO MUCH POWER

According to the American Bankers Association (ABA), a private consortium of American banks, central bank digital currency (CBDC) puts an uncomfortable amount of power in the hands of the Federal Reserve.

A CDBC is a currency that is minted and distributed by a central bank. Some designs for central bank digital currencies could either use blockchains or distributed ledgers, or do not rely on blockchain technologies at all.

A Federal Reserve CBDC – often referred to as a “digital dollar” – would turn the Fed into “the nation’s near-monopoly provider of currency, bank accounts, and payment services,” wrote the American Bankers Association.

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Source: Decrypt

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