The American Bankers Association, which represents private banks in the US, opposes a possible central bank digital currency (CBDC) to be issued by the Federal Reserve.
The U.S. Department of Commerce, private sector stakeholders get their opinion on digital assets took a step forward in May and continuing until 5th of July started a process.
While answering the questions of the American Bankers Association (ABA), Department of Commerce, Challenges that the digital dollar project can create brought it up.
According to the ABA statement, “The benefits of a US-developed central bank digital currency are unclear, and these benefits are unlikely to actually be realized. However, the costs of this can be very real and severe.” it said.
ABA, a digital dollar project to be developed in the USA Federal Reserve with citizens the relationship between and therefore financial system argues that it can radically change it. According to the ABA, CBDCs pros outweigh the cons may cause.
The American Bankers Association has long represented the banking industry in the United States. Union in 2019. from $135 million had more income.