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The U.S. House Financial Services Subcommittee on National
Security, International Development and Monetary Policy considered testimony on the creation of a
U.S. central bank digital currency ( CBDC ).
In a Memorandum to the members of the
Committee, majority staff explained that many central banks are
pursuing CBDCs because of their potential to (i) increase financial
inclusion, (ii) facilitate faster and cheaper payment options,
(iii) counter private cryptocurrencies and (iv) build newer,
more direct levers to implement monetary policy. With regard
to national security considerations, staff asserted that a
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Why does the Federal Reserve need a digital currency?
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