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U.S. Federal Reserve analysts have warned of "some potential" for the dollar's role as a medium of exchange to be eroded with the rise of well-designed foreign CBDCs.
Sen. Ted Cruz and several other Republican senators are pushing a bill that could prohibit the U.S. central bank from issuing CBDCs, saying a CBDC will only infringe on the American public's
"We recognize there are risks of not acting, just as there are risks of acting," Federal Reserve Vice Chair Lael Brainard said.
In support of a U.S. CBDC, Governor Brainard stated there are four developments driving increased focus on a CBDC: the role of digital private money, migration to digital payments, plans for the use of foreign CBDCs in cross-border payments, and financial exclusion concerns.