The Federal Reserve has published a small report on CBDC, where it tried to answer the question, can the state cryptocurrency become a full-fledged replacement for fiat money and bank deposits?
In general, everything is about the same and the main problem is not bitcoin, but the further existence of commercial banks. If such a technological solution is successfully launched, the state will face the fact that intermediaries in the form of existing financial organizations will simply not be needed.
Instant transparency and control of all existing wallets will do the trick. And it will not be difficult for the state to independently issue the same loans in an automated way by directly replenishing the purse of the borrower.
Summing up, the department believes that for a complete understanding it is still very early to draw any conclusions and the digital currency needs a broader assessment of the possible consequences for the country's monetary system.
