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Are There Compelling Reasons to Consider a Central Bank Digital Currency for the U.S.?

Author

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  • Zhu Wang

Abstract

This article examines alternative arguments for considering a central bank digital currency (CBDC) for the U.S. It points out that introducing a CBDC is unlikely to substantially improve the current U.S. money and payments system. A more compelling reason to consider a CBDC is to prepare the U.S. system against future threats, especially those associated with the rise of private and foreign digital currencies. Therefore, there appears no immediate need for the U.S. to issue a CBDC, but the U.S. needs to explore the CBDC technology now for potential future use.

Suggested Citation

  • Zhu Wang, 2022. "Are There Compelling Reasons to Consider a Central Bank Digital Currency for the U.S.?," Richmond Fed Economic Brief, Federal Reserve Bank of Richmond, vol. 22(20), June.
    • Handle: RePEc:fip:fedreb:94333
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    File URL: https://www.richmondfed.org/publications/research/economic_brief/2022/eb_22-20
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