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After ICBA last week expressed opposition to the establishment of a U.S. central bank digital currency, a House hearing this week will focus on CBDC benefits and risks.
ICBA Comments: In a comment letter to the Federal Reserve and a national news release, ICBA said a U.S. CBDC would introduce significant privacy and cybersecurity risks into the nation’s monetary system and disrupt U.S. banking stability.
Key Risks: ICBA said a U.S. CBDC would obstruct the ability of banks to take deposits and make loans, pose privacy and cybersecurity risks, provide a gateway to direct-to-consumer Fed accounts, and damage the Fed’s ability to conduct monetary policy, among other risks.
Hearing: The House Financial Services Committee hearing is scheduled for noon (Eastern time) this Thursday.