ARTICLE
14 December 2022

Private Financial Sector Report Criticizes CBDCs

B
BakerHostetler

Contributor

BakerHostetler logo
Recognized as one of the top firms for client service, BakerHostetler is a leading national law firm that helps clients around the world address their most complex and critical business and regulatory issues. With five core national practice groups — Business, Labor and Employment, Intellectual Property, Litigation, and Tax — the firm has more than 970 lawyers located in 14 offices coast to coast. BakerHostetler is widely regarded as having one of the country’s top 10 tax practices, a nationally recognized litigation practice, an award-winning data privacy practice and an industry-leading business practice. The firm is also recognized internationally for its groundbreaking work recovering more than $13 billion in the Madoff Recovery Initiative, representing the SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC. Visit bakerlaw.com
The head of policy for stablecoin issuer Circle Internet Financial is quoted in the report as calling CBDCs a "preposterous idea."
United States Finance and Banking
To print this article, all you need is to be registered or login on Mondaq.com.

A report released this week by Team Blockdata outlines significant developments in Central Bank Digital Currencies (CBDCs) and notably illustrates criticism of CBDCs by various stakeholders in the private financial sector. The American Banking Association (ABA), for example, reportedly believes that the issuance of digital currencies should be left to the private sector and that a CBDC issued by the United States Federal Reserve lacks "compelling use cases" and would rewire the banking system. The head of policy for stablecoin issuer Circle Internet Financial is quoted in the report as calling CBDCs a "preposterous idea." According to the report, other concerns about CBDCs from private stakeholders relate to anonymity and privacy, interoperability, scalability, technological structure, and balance between design and central bank policies.

For more information, please refer to the following links:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

See More Popular Content From

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More