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ARTICLE · 22 JUNE 2021

House FinTech Task Force Considers Implications Of CBDCs

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Rohan Grey, Assistant Professor of Law, Willamette University. Mr. Grey stated that policymakers should take into consideration that the digital fiat currency landscape is larger than that of CBDCs.

United StatesFinance and Banking
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The U.S. House Financial Services Committee Taskforce on Financial Technology considered the implications of central bank digital currencies ("CBDCs") as they pertain to (i) trade-offs in the design of different technological infrastructures, (ii) consumer privacy and (iii) increased access to financial services.

At the hearing, titled "Digitizing the Dollar: Investigating the Technological Infrastructure, Privacy and Financial Inclusion Implications of Central Bank Digital Currencies," legislators heard from:

  • Carmelle Cadet, Founder and CEO, EMTECH. Ms. Cadet stated that the United States needs to invest in a "Digital Cash Infrastructure" that would enable the government to directly distribute real cash to people. Ms. Cadet argued that a blockchain-based CBDC with a distributed ledger technology is the best option for the United States to create a "modern and safe currency system around its central banking structure." Ms. Cadet recommended that the main

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