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ARTICLE · 07 OCTOBER 2022

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Can, And Should, The U.S. Government Develop A CBDC System?

Braumiller Group (Dallas)
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In response to the Executive Order on Ensuring Responsible Development of Digital Assets issued on March 9, 2022, both the White House Office of Science and Technology Policy (OSTP)...

United StatesInternational Law
James Holbein
James Holbein
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In response to the Executive Order on Ensuring Responsible Development of Digital Assets1 issued on March 9, 2022, both the White House Office of Science and Technology Policy (OSTP) and the Treasury Department (Treasury) have recently issued reports analyzing the possible design and feasibility of creating a U.S. Central Bank Digital Currency (CBDC).2 The reports make clear that significant technical issues and major policy considerations need to be addressed for the U.S. to develop a CBDC. Both reports look at time frames in years, not weeks or months, for such a system. The time frame is not entirely surprising, given that the government must move cautiously when taking any action that could impact the currency.3 The U.S. dollar is widely considered the reserve currency for the global economy, as well as the trusted medium of exchange for the U.S., so changes could impact the economy severely if not handled well. This article is intended to summarize the findings

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