Federal Reserve Releases Free Central Bank Financial Report on Privacy and the Financial Crisis

The Fed announced the bank's digital-free letter, "Money and Payments: US Dollar in an Era of Digital Transformation," on Thursday afternoon, January 21 EST.

The Fed is "reviewing the pros and cons of the US central bank's digital currency (CBDC) capability," the Fed said in a statement.

The Fed believes that current finances can be boosted by the creation of a digital credit bank (CBDC), but these gains are currently only working in the private sector, not the CBDC issued directly by the Fed to consumers. .

The Fed didn't promise to create a dollar in its whitepaper, but it says it needs to focus on the issue and could help protect privacy, financial security and safety, and digital spending.

The white paper does not plan to continue releasing digital bank accounts without board and management support, and the best form would be to have a special deal. Digital payment process. Additionally, cybersecurity, preventing financial fraud, and meeting future needs are all things the Fed should consider before announcing the CBDC.