GEAB 162
The Fed published last month a timid report assessing the risks and opportunities of developing a central bank digital currency (CBDC).[1] The document, marked by caution and patience, insisted that it was by no means a launch announcement and that nothing would be undertaken without clear and strong government and public support.
With sharp divisions in both US governing parties,[2] the Biden administration and the Fed will not be able to undertake or even announce anything on this issue before the end of the presidential term in 2024 without risking a new confrontation in an already deeply divided country.[3] It will therefore be several years before an e-dollar can see the light of day, and at the rate things are going around the world in terms of monetary digitalisation, these years of delay make us anticipate that the United States is missing the boat and will have to opt for other solutions, some of which are already emerging.
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