The CBDC Committee Newsletter- Oct.12, 2020
uDeputy Treasury Secretary Discusses US CBDC Plans
The Deputy Treasury Secretary Justin Muzinich, has stated that the U.S. Treasury Department, in collaboration with the Federla Reserve, are assessing the benefits of a US dollar CBDC. He emphasizes the need to keep up with innovation but suggests that their may be a tradeoff with consumer privacy when trying to combat illicit activity. The Boston branch of the Federal Reserve has already been working with MIT on their Digital Currency Initiative but are still years away from completion
uChina to Distribute $1.5 million Worth of CBDC to Shenzhen Residents
Shenzhen is planning to distribute $1.5 million worth of the digital Yuan via a lottery system to 50000 winners. In this case, the money received has to be spent between the 12th -18th October and can’t be transferred to another person. 3,389 merchants in Shenzhen’s Luohu District have been authorised to receive the money. The goal is to analyse the spending habits of the winners.
uCentral Banks Lay Out Ground Rules for CBDC Creation
Seven central banks alongside the Bank for International Settlements(BIS) have outlined the main necessities in the creation of a CBDC. The report states the chief principles and features needed for a CBDC but doesn’t conclude if a CBDC should be issued or not. Still, the development of an international consensus is a key step forward for wider adoption
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