Only a few minutes after posting this discussion I see this pop up on LinkedIn. https://www.linkedin.com/events/6777981721926230016/
With so much interest in CBDC across the globe, I think we should not underestimate the seriousness of this becoming a reality in the U.S. in some form.
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Neil Stanley
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Original Message:
Sent: 04-07-2021 19:27
From: Neil Stanley
Subject: Possibilities of a Central Bank Digital Currency
After watching this Federal Reserve Webinar https://youtu.be/PmMAlkFSMo8 I now see that my idea that only banks could have accounts at the Fed could be naïve. Maybe I should have seen this coming after the conversation a few years ago about the post office offering banking services. But the idea of each person in the U.S. having an account at the Fed was not anything I had previously thought through. This 42-minute webinar provided by Jesse Maniff of the Federal Reserve Bank of Kansas City opens eyes to what may be on the horizon.
There is much here to consider for bankers and all consumers. Several times throughout the webinar she states that she is making no announcements in this message. She states she is merely sharing what the Federal Reserve is thinking about. I am curious if other bankers are more aware of this than I have been?
The agenda for CBDC - Central Bank Digital Currency addresses these potential motivations:
One question I thought of that I do not recall was addressed was the eligibility of corporations, associations, and municipalities to hold accounts at the Fed. I searched the YouTube transcript and found no reference to this. (BTW everyone should know how to access YouTube transcripts. If you want guidance on that send me a message and I can show you how)
If every U.S. citizen held an account at the Fed, what do you think that would mean for your bank, our economy, our government?
------------------------------
Neil Stanley
------------------------------
With so much interest in CBDC across the globe, I think we should not underestimate the seriousness of this becoming a reality in the U.S. in some form.
------------------------------
Neil Stanley
------------------------------
-------------------------------------------
Original Message:
Sent: 04-07-2021 19:27
From: Neil Stanley
Subject: Possibilities of a Central Bank Digital Currency
After watching this Federal Reserve Webinar https://youtu.be/PmMAlkFSMo8 I now see that my idea that only banks could have accounts at the Fed could be naïve. Maybe I should have seen this coming after the conversation a few years ago about the post office offering banking services. But the idea of each person in the U.S. having an account at the Fed was not anything I had previously thought through. This 42-minute webinar provided by Jesse Maniff of the Federal Reserve Bank of Kansas City opens eyes to what may be on the horizon.
There is much here to consider for bankers and all consumers. Several times throughout the webinar she states that she is making no announcements in this message. She states she is merely sharing what the Federal Reserve is thinking about. I am curious if other bankers are more aware of this than I have been?
The agenda for CBDC - Central Bank Digital Currency addresses these potential motivations:
- Potential decline in cash
- Financial inclusion
- Payment efficiency and resiliency
- Privacy
- Monetary policy
- Protecting monetary sovereignty
One question I thought of that I do not recall was addressed was the eligibility of corporations, associations, and municipalities to hold accounts at the Fed. I searched the YouTube transcript and found no reference to this. (BTW everyone should know how to access YouTube transcripts. If you want guidance on that send me a message and I can show you how)
If every U.S. citizen held an account at the Fed, what do you think that would mean for your bank, our economy, our government?
------------------------------
Neil Stanley
------------------------------
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