UnitedStates treasury department wants this on the CBDC front
In the first category, Wholesale CBDCs could be better suited for financial transactions involving large sums of money. “A CBDC could serve as a settlement asset for ‘digital clearinghouses,’ which could convert one type of digital asset into another, with the CBDC acting as a highly liquid bridge between assets” the report added. Retail CBDCs, on the other hand, could be used as an alternative to cash, credit cards, and cheques.
While recognizing that a CBDC would need to facilitate instant settlements, the report suggested automation of bill payments, and payrolls using CBDCs. The report also mentioned improving cross-border payments using a U.S. CBDC that could be designed to interoperate with foreign CBDCs. Retail CBDCs as an intermediary would see the U.S. Federal Reserve issue CBDCs directly to the public. On the other hand, Banks and non-bank financial intermediaries could play a role in supporting a wholesale CBDC, by providing a settlement layer for the Federal Reserve and an interface for other financial institutions.was quoted as saying that the U.S.
All that said, the Treasury did acknowledge the challenges that would entail adopting CBDCs on a large scale, especially to utilize them in cross-border payments.laws, jurisdictions of various federal agencies, as well as policies surrounding digital payments, would have to be evaluated and updated.
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