1、RESEARCH & ANALYSISMoney and Payments: The U.S.Dollar in the Age of DigitalTransformationJanuary 2022BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEMThe Federal Reserve System is the centralbank of the United States. It performs fivekey functions to promote the effectiveoperation of the U.S. economy

2、 and, moregenerally, the public interest.The Federal Reserve conducts the nations monetary policy to promote maximum employmentand stable prices in the U.S. economy; promotes the stability of the financial system and seeks to minimize andcontain systemic risks through active monitoring and engagemen

3、t in theU.S. and abroad; promotes the safety and soundness of individual financial institutionsand monitors their impact on the financial system as a whole; fosters payment and settlement system safety and efficiency throughservices to the banking industry and U.S. government that facilitateU.S.-dol

4、lar transactions and payments; and promotes consumer protection and community development throughconsumer-focused supervision and examination, research and analysis ofemerging consumer issues and trends, community economic developmentactivities, and administration of consumer laws and regulations.To

5、 learn more about us, visit www.federalreserve.gov/aboutthefed.htm.ContentsExecutive Summary. 1Background . 1Key Topics . 2Public Outreach . 2Introduction. 3The Existing Forms of Money. 5The Payment System. 7Recent Improvements to the Payment System . 7Remaining Challenges for the Payment System . 8

6、Digital Assets. 11Central Bank Digital Currency. 13Uses and Functions of a CBDC . 14Potential Benefits of a CBDC . 14Potential Risks and Policy Considerations for a CBDC . 17Seeking Comment and Next Steps. 21CBDC Benefits, Risks, and Policy Considerations . 21CBDC Design . 22Appendix A: Federal Rese

7、rve Research on Digital Currencies. 23Technological Experimentation . 23Economic and Policy Research . 23Stakeholder Engagement and Outreach . 24International Collaboration . 24Appendix B: Types of Money. 25Central Bank Money . 25Commercial Bank Money . 25Nonbank Money . 26Appendix C: Access to Mone

8、y and Payment Services. 29References. 33iiiExecutive SummaryFor a nations economy to function effectively, its citizens must have confidence in its money andpayment services. The Federal Reserve, as the nations central bank, works to maintain the pub-lics confidence by fostering monetary stability,

9、financial stability, and a safe and efficient pay-ment system.This paper is the first step in a public discussion between the Federal Reserve and stakeholdersabout central bank digital currencies (CBDCs). For the purpose of this paper, a CBDC is defined asa digital liability of a central bank that i

10、s widely available to the general public. In this respect, it isanalogous to a digital form of paper money. The paper has been designed to foster a broad andtransparent public dialogue about CBDCs in general, and about the potential benefits and risks ofa U.S. CBDC. The paper is not intended to adva

11、nce any specific policy outcome, nor is it intendedto signal that the Federal Reserve will make any imminent decisions about the appropriateness ofissuing a U.S. CBDC.BackgroundPayment technologies offered by the Federal Reserve have evolved over time. In the FederalReserves early years, it establis

12、hed a national check-clearing system and used dedicated tele-graph wires to transfer funds between banks. In the 1970s, the Federal Reserve developed anautomated clearinghouse (ACH) system that offered an electronic alternative to paper checks. Andin 2019, the Federal Reserve committed to building t

13、he FedNowSMService, which will provide real-time, around-the-clock interbank payments, every day of the year.Recent technological advances have ushered in a wave of new private-sector financial productsand services, including digital wallets, mobile payment apps, and new digital assets such as cryp-

14、tocurrencies and stablecoins. These technological advances have also led central banks aroundthe globe to explore the potential benefits and risks of issuing a CBDC.Federal Reserve policymakers and staff have studied CBDC closely for several years, guided by anunderstanding that any U.S. CBDC should

15、, among other thingsprovide benefits to households, businesses, and the overall economy that exceed any costsand risks; yield such benefits more effectively than alternative methods;complement, rather than replace, current forms of money and methods for providing financialservices;1 protect consumer

16、 privacy;protect against criminal activity; and have broad support from key stakeholders.The Federal Reserve is committed to soliciting and reviewing a wide range of views as it continuesto study whether a U.S. CBDC would be appropriate. Irrespective of any ultimate conclusion, Fed-eral Reserve staf

17、f will continue to play an active role in developing international standardsfor CBDCs.Key TopicsThis paper begins with a discussion of existing forms of money; the current state of the U.S. pay-ment system and its relative strengths and challenges; and the various digital assets that haveemerged in

18、recent years, including stablecoins and other cryptocurrencies. The paper then turnsto CBDC, focusing on its uses and functions; potential benefits and risks; and related policyconsiderations.The Federal Reserves initial analysis suggests that a potential U.S. CBDC, if one were created,would best se

19、rve the needs of the United States by being privacy-protected, intermediated, widelytransferable, and identity-verified. As noted above, however, the paper is not intended to advance aspecific policy outcome and takes no position on the ultimate desirability of a U.S. CBDC.Public OutreachThe Federal

20、 Reserve will seek input from a wide range of stakeholders that might use a CBDC orbe affected by its introduction. This paper concludes with a request for public comment, the firststep in a broad consultation that will also include targeted outreach and public forums.2Money and Payments: The U.S. D

21、ollar in the Age of Digital TransformationIntroductionThe Federal Reserve is exploring the implications of, and options for, issuing a CBDC. For the pur-pose of this paper, a CBDC is defined as a digital liability of the Federal Reserve that is widelyavailable to the general public. While Americans

22、have long held money predominantly in digitalformfor example in bank accounts recorded as computer entries on commercial bankledgersa CBDC would differ from existing digital money available to the general public because aCBDC would be a liability of the Federal Reserve, not of a commercial bank.1A C

23、BDC could potentially offer a range of benefits. For example, it could provide households andbusinesses a convenient, electronic form of central bank money, with the safety and liquidity thatwould entail; give entrepreneurs a platform on which to create new financial products and ser-vices; support

24、faster and cheaper payments (including cross-border payments); and expand con-sumer access to the financial system. A CBDC could also pose certain risks and would raise avariety of important policy questions, including how it might affect financial-sector market struc-ture, the cost and availability

25、 of credit, the safety and stability of the financial system, and the effi-cacy of monetary policy.The introduction of a CBDC would represent a highly significant innovation in American money.Accordingly, broad consultation with the general public and key stakeholders is essential. Thispaper is the

26、first step in such a conversation. It describes the economic context for a CBDC, keypolicy considerations, and the potential risks and benefits of a U.S. CBDC. It also solicits feed-back from all interested parties.The Federal Reserve does not intend to proceed with issuance of a CBDC without clear

27、supportfrom the executive branch and from Congress, ideally in the form of a specific authorizing law.1For the purpose of this paper, “commercial bank” includes all depository institutions.3The Existing Forms of MoneyMoney serves as a means of payment, a store of value, and a unit of account. In the

28、 UnitedStates, money takes multiple forms:2Central bank money is a liability of the central bank. In the United States, central bank moneycomes in the form of physical currency issued by the Federal Reserve and digital balances heldby commercial banks at the Federal Reserve.Commercial bank money is

29、the digital form of money that is most commonly used by the public.Commercial bank money is held in accounts at commercial banks.Nonbank money is digital money held as balances at nonbank financial service providers.These firms typically conduct balance transfers on their own books using a range of

30、technolo-gies, including mobile apps.The different types of money carry different amounts of credit and liquidity risk. Commercial bankmoney has very little credit or liquidity risk due to federal deposit insurance, the supervision andregulation of commercial banks, and commercial banks access to ce

31、ntral bank liquidity.3Nonbankmoney lacks the full range of protections of commercial bank money and therefore generally car-ries more credit and liquidity risk. Central bank money carries neither credit nor liquidity risk, andis therefore considered the safest form of money.Central bank money serves

32、 as the foundation of the financial system and the overall economy.Commercial bank money and nonbank money are denominated in the same units as central bankmoney (i.e., U.S. dollars) and are intended to be convertible into central bank money.2For fuller descriptions of central bank, commercial bank,

33、 and nonbank money, see appendix B.3The Federal Deposit Insurance Corporation (FDIC) insures up to $250,000 per depositor, per insured bank, for eachaccount ownership category for every FDIC-insured bank. The National Credit Union Administration (NCUA) insures up to$250,000 per share owner, per insu

34、red credit union, for each account ownership category.5The Payment SystemThe U.S. payment system connects a broad range of financial institutions, households, and busi-nesses. Most payments in the United States rely on interbank payment servicessuch as theACH network or wire-transfer systemsto move

35、money from a senders account at one bank to arecipients account at another bank.4Accordingly, interbank payment services are critical to thefunctioning and stability of the financial system and the economy more broadly. The firms thatoperate interbank payment services are subject to federal supervis

36、ion, and systemically importantpayment firms are subject to heightened supervision and regulation.Interbank payment systems may initially settle in commercial bank money, or in central bankmoney, depending on their design. However, because central bank money has no credit or liquidityrisk, central b

37、ank payment systems tend to underpin interbank payments and serve as the back-bone of the broader payment system. The use of central bank money to settle interbank paymentspromotes financial stability because it eliminates credit and liquidity risk in systemically importantpayment systems.Recent Imp

38、rovements to the Payment SystemRecent improvements to the U.S. payment system have focused on making payments faster,cheaper, more convenient, and more accessible. “Instant” payments have been a particularlyactive field of private- and public-sector innovation. For example, The Clearing House has de

39、vel-oped the RTP network, which is a real-time interbank payment system for lower-value payments.The Federal Reserve is also building a new interbank settlement service for instant payments, theFedNow Service, scheduled to debut in 2023. These instant payment services will enable commer-cial banks t

40、o provide payment services to households and businesses around the clock, every dayof the year, with recipients gaining immediate access to transferred funds. The growth of theseinstant payment services also could reduce the costs and fees associated with certain types ofpayments.5In addition, a hos

41、t of consumer-focused services that are accessible through mobile devices havemade digital payments faster and more convenient. Some of these new payment services, how-ever, could pose financial stability, payment system integrity, and other risks. For example, if the4Nonbank service providers also

42、typically rely on interbank payment infrastructures to establish and transfer customerbalances. For example, a customer of a nonbank service provider may need to fund its balance at the nonbank serviceprovider by transferring funds from the customers account at a commercial bank to the nonbank servi

43、ce providersaccount at another commercial bank.5However, the costs and fees for certain payment methods (e.g., card transactions) may remain comparatively high forsome parties to the extent that instant payments do not serve as a close substitute for those methods.7growth of nonbank payment services

44、 were to cause a large-scale shift of money from commercialbanks to nonbanks, the resulting lack of equivalent protections that come with commercial bankmoney could introduce run risk or other instabilities to the financial system.Remaining Challenges for the Payment SystemWhile the existing U.S. pa

45、yment system is generally effective and efficient, certain challengesremain. In particular, a significant number of Americans currently lack access to digital bankingand payment services. Additionally, some paymentsespecially cross-border paymentsremainslow and costly.Digital financial services and

46、commercial bank money have become more accessible over time,and increasing numbers of Americans have opened and maintain bank accounts.6Nonetheless,more than 7 millionor over 5 percent of U.S. householdsremain unbanked.7Nearly 20 percentmore have bank accounts, but still rely on more costly financia

47、l services such as money orders,check-cashing services, and payday loans.8A variety of public- and private-sector efforts are underway to support financial inclusion. Forexample, the private-sector Bank On initiative promotes low-cost, low-risk consumer checkingaccounts.9The Federal Reserve Bank of

48、Atlanta has also formed a Special Committee on Pay-ments Inclusion, a public-private sector collaboration that is working to promote access to digitalpayments for vulnerable populations.10Cross-border payments currently face a number of challenges, including slow settlement, highfees, and limited ac

49、cessibility. The sources of these frictions include the mechanics of currencyexchange, variations in different countries legal regimes and technological infrastructure, time-zone complications, and coordination problems among intermediaries, including correspondentbanks and nonbank financial service

50、 providers. Regulatory requirements related to money laun-dering and other illicit activities introduce further complications. Finally, certain destination coun-6The proportion of unbanked U.S. households has steadily decreased over the past 10 years; in 2011, an estimated8.2 percent of U.S. househo