The only thing worse than political theater is getting burned by a misguided and hasty political play, danielgkuhn writes. Opinion for The Node newsletter
, but only two – the Bahamas sand dollar and the Bank of Jamaica’s JAM-DEX – are deployed. There are several studies pretty far along, including a two-year project from the European Union, a multinational initiative in the Middle East called Project Aber and, perhaps most worryingly to U.S. pols, China’s “digital yuan,” which debuted to the world during the last summer Olympics, among dozens of other on-going proof-of-concepts and pilot programs.
What all of that research has revealed is … complicated. There are legitimate risks associated with CBDCs, and theoretical impacts that could reshape the financial sector as we know it. A “retail” CBDC, for instance, essentially a checking account kept at the Federal Reserve that any U.S. resident would be entitled to use, would compete against private banks and credit unions, numerous studies have found.
Would that really be bad? At least on my end, I’m a proud supporter of broad, universal programs that provide people access to stuff – whether that’s governments setting aside land for the “public good” or systems like Bitcoin and Ethereum that do something similar for finance. More to the point, CBDCs would be large systems where the full range of outcomes is not currently understood.
That hasn’t stopped people from saying definitively that a theoretical CBDC’s risks outweigh the benefits. Circle, the stablecoin issuer, has come out
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