The Fed is going to release a report about CBDCs.
Personally, I think Powell is playing the stalling game. He needs to be nominated by Biden to keep his job.
In the end, there is no way the Fed goes through with this since it will torch the commercial banking system.
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I think any country who wants to go CBDC+Crypto route should watch other countries failures in this space before migrating. I want my singaporean govt to go a bit late into this because we don't want financial disasters into this.
I think this is what's happening: most countries are waiting for problems and quirks in CBDCs to be resolved first, and they're all letting private sector actors figure out things with cryptocurrency before incorporating their findings into their CBDCs.
It's a race for cryptocurrency to gain critical mass before CBDCs can be dropped on our heads as legal tender digital money. Cryptocurrency relies on persuasion and voluntary adoption. CBDCs rely on force of arms by governments whether by properly passed laws or decrees by the rulers.
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As long as the Fed maintains a holding pattern on CBDCs, we're good. IMF may have some other ideas, but this is the Fed we're talking about.
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Let's just hope they stick to just discussing and researching.
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