“We continue to strongly believe that the risks of a U.S. central bank digital currency outweigh any theoretical benefits. At the same time, we have urged the administration and the agencies involved to carefully and thoroughly consider the implications of a U.S. CBDC. The approach outlined today by Treasury Under Secretary Nellie Liang today appears to be a step in that direction. In particular, the speech recognized the importance of various design choices for a U.S. CBDC and the need to evaluate policy tradeoffs in the context of those design choices.
“We urge the administration and the U.S. Treasury to include private sector input, which was notably absent from the remarks, in the CDBC Working Group. Ensuring that consumers, investors and businesses are protected from the potential financial risks posed by digital assets should be a priority for the government, and we believe that can only be achieved through careful coordination with the private sector, including the banking industry.”
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The American Bankers Association is the voice of the nation’s $23.7 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $18.8 trillion in deposits and extend $12.5 trillion in loans.
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