The U.S. Federal Reserve is lagging behind its peers like the Bank of China in terms of the resources and manpower dedicated to developing a central bank digital currency. According to a blog post, the belief that the dollar does not need to innovate is a miscalculation. An expert argued that it does not make sense to compare the U.S. Federal Reserve to central banks in centralized countries.
The Opposition to a CBDC
According to a new blog post by the Atlantic Council, a non-partisan American think tank, the U.S. Federal Reserve lags behind many of its peers when it comes to developing a central bank digital currency (CBDC). To support this assertion, the post highlights the amount of resources, including personnel, that the Federal Reserve has dedicated towards CBDC development and innovation.
For context, the authors of the blog post, Josh Lipsky and Ananya Kumar, point to the Bank of China’s more than 300 people working specifically on the country’s CBDC. In contrast, the Feder
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