Credit unions warn about the cost of developing a CBDC

2022.07.08 16:36

Credit unions warn about the cost of developing a CBDC

A United States-based lobbying group has raised a voice against developing a central bank digital currency (CBDC) in the United States. The National Association of Federally-Insured Credit Unions (NAFCU) believes the project’s cost outweighs the “hypothesized benefits.”

In a public letter to the U.S. Commerce Department, dated Tuesday, Andrew Morris, the senior counsel for research and policy at NAFCU, claimed that the costs would outweigh the benefits and that there are superior alternatives for accomplishing the same objectives. The letter came in response to the Department’s request for comment (RFC) on digital assets.

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