The American Bankers Association (ABA) does not want the Fed to issue a CBDC.
The American Bankers Association, an organization that represents banks across the United States, has warned of a potential CBDC.
In a letter to the US Department of Commerce, the ABA stated that the benefits of CBDC are unclear.
The Commerce Department had previously requested a public comment in May, in response to President Joe Biden’s March executive order calling on federal agencies to report on digital assets.
Regarding the issue, the ABA said:
“The CBDC issuance will restructure the banking and financial system by changing the relationship between citizens and the Fed.
Various concessions are required for the CBDC, and these concessions are likely to undermine many of the CBDC’s core objectives.”
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