Disadvantages include risks to financial stability and difficu | WorldBitBank
Disadvantages include risks to financial stability and difficulties in protecting confidentiality while protecting against fraud and other illegal activities.
The advent of the digital dollar could have implications for commercial banks. If people prefer to keep the new currency in "digital wallets" from payment service providers, rather than use banking services, the size of bank deposits will be reduced.
The promotion of the digital currency of the US Federal Reserve stimulates competition with China, which is actively developing its own digital yuan.
The report says the introduction of the CBDC will be an important innovation that could significantly change the structure of the US financial system by renewing the roles and responsibilities of the private sector and the central bank.
Therefore, the process of considering the possibility of implementing the digital dollar will be long, no deadlines have been set. Publishing the report is only the first step, now there will be a 120-day comment period.
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