WASHINGTON, DC – Club for Growth Foundation submitted the following comments in response to the release of, “Money and Payments: The U.S. Dollar in the Age of Digital Transformation” by Board of Governors of the Federal Reserve System in January. The analysis was authored by Peter St Onge, Ph.D., on behalf of the Club for Growth Foundation.
According to the executive summary:
“A Central Bank Digital Currency would be an existential gamble in search of a problem. America’s financial and payment systems are among the best in the world, and remaining inefficiencies are largely due to overregulation, including by the Federal Reserve (Fed) itself. Despite these inefficiencies, well-functioning private sector workarounds already thrive, and can easily offer every alleged benefit of a CBDC without the catastrophic risks.”
Click here to read the Club for Growth Foundation comments.