First-mover advantage in a CBDC conversation, Jan. 10–17 By
Last week saw an unlikely first move in the opening narrative battle around a prospective U.S. central bank digital currency: Congressperson Tom Emmer came forward with an initiative to legally restrict the Federal Reserve’s capacity to issue a retail CBDC and take on the role of a retail bank. This could be massively consequential as we are yet to see a similarly sharp-cut expression of an opposing stance. As a matter of fact, it is not even clear whether other U.S. lawmakers have strong opinions on the matter other than, perhaps, condemning privately issued stablecoins as a digital alternative to the dollar. By framing a potential Fed CBDC as a privacy threat first, Emmer could tilt the conversation in the direction that is friendly to less centralized designs of digital money.
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U.S. representative vs. U.S. CBDC
Another ban scare, another El Salvador
IMF sees the demise of crypto’s hedge role
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Read More: First-mover advantage in a CBDC conversation, Jan. 10–17 By