Independent Banker - July 2021 - 38

PORTFOLIO CHECKS & BALANCES
Federal Reserve chairman
Jerome Powell has
described developing
a central bank digital
currency as a " high
priority " for the U.S.
Preparing for a digital dollar
The Federal Reserve has signaled a need to develop a central bank digital currency,
a digital form of the U.S. dollar. As this vision comes to fruition, ICBA will make sure
community banks have a say. By Nasreen Quibria, ICBA
hat would it be like to take the
effi ciency of a digital asset like
cryptocurrency and combine it with
the safeguards of an asset backed by a
central bank?
W
For several countries, including
China and the Bahamas, the answer
is a central bank digital currency
(CBDC). Now, the Federal Reserve is
steadily moving in the same direction.
While a U.S. CBDC is just a theoretical
discussion for now, it's likely to
become a reality over the next several
years. ICBA plans to be a part of that
conversation to ensure community
banks maintain their critical role in
the fi nancial system.
A CBDC is a digital currency
issued and backed by a country's
central bank. Think of it as the U.S.
dollar but in digital form rather
than paper money or coins. Unlike
cryptocurrencies, CDBCs are issued
by countries-not private entities-
and are a liability of that country's
central bank.
CBDCs off er several advantages,
including increased effi ciency and
fi nancial inclusion. For example,
it took weeks, and in some cases
months, to deliver stimulus
payments via checks to unbanked
and underbanked Americans. If the
U.S. had a CBDC, the funds could
have reached this demographic
much quicker.
Federal Reserve chairman Jerome
Powell has described a CBDC as
a " high priority " for the U.S. He
announced that the Fed would
publish a discussion paper this
summer that will lay out its thinking
on digital payments with a focus
on the benefits and risks of an
American CBDC.
38 Q ICBA Independent Banker Q July 2021

Independent Banker - July 2021

Table of Contents for the Digital Edition of Independent Banker - July 2021

Table of Contents
Independent Banker - July 2021 - Cover1
Independent Banker - July 2021 - Cover2
Independent Banker - July 2021 - Table of Contents
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