- What additional potential benefits, policy considerations, or risks of a CBDC may exist that have not been raised in this paper?
- Could some or all of the potential benefits of a CBDC be better achieved in a different way?
- Could a CBDC affect financial inclusion? Would the net effect be positive or negative for inclusion?
- How might a U.S. CBDC affect the Federal Reserve’s ability to effectively implement monetary policy in the pursuit of its maximum-employment and price-stability goals?
- How could a CBDC affect financial stability? Would the net effect be positive or negative for stability?
- Could a CBDC adversely affect the financial sector? How might a CBDC affect the financial sector differently from stablecoins or other nonbank money?
- What tools could be considered to mitigate any adverse impact of CBDC on the financial sector? Would some of these tools diminish the potential benefits of a CBDC?
- If cash usage declines, is it important to preserve the general public’s access to a form of central bank money that can be used widely for payments?
- How might domestic and cross-border digital payments evolve in the absence of a U.S. CBDC?
- How should decisions by other large economy nations to issue CBDCs influence the decision whether the United States should do so?
- Are there additional ways to manage potential risks associated with CBDC that were not raised in this paper?
- How could a CBDC provide privacy to consumers without providing complete anonymity and facilitating illicit financial activity?
- How could a CBDC be designed to foster operational and cyber resiliency? What operational or cyber risks might be unavoidable?
- Should a CBDC be legal tender?
- Should a CBDC pay interest? If so, why and how? If not, why not?
- Should the amount of CBDC held by a single end user be subject to quantity limits?
- What types of firms should serve as intermediaries for CBDC? What should be the role and regulatory structure for these intermediaries?
- Should a CBDC have “offline” capabilities? If so, how might that be achieved?
- Should a CBDC be designed to maximize ease of use and acceptance at the point of sale? If so, how?
- How could a CBDC be designed to achieve transferability across multiple payment platforms? Would new technology or technical standards be needed?
- How might future technological innovations affect design and policy choices related to CBDC?
- Are there additional design principles that should be considered? Are there tradeoffs around any of the identified design principles, especially in trying to achieve the potential benefits of a CBDC?
One can provide any answers to questions by May 20, 2022, using the form at www.federalreserve.gov/apps/forms/cbdc