Washington, D.C. — BPI President and Chief Executive Officer Greg Baer issued the following statement in advance of the U.S. House Committee on Financial Services Subcommittee on National Security, International Development and Monetary Policy hearing titled, “The Promises and Perils of Central Bank Digital Currencies”:
Regulators must not lose sight of the need to strengthen the U.S. sanctions regime as they consider whether to adopt a central bank digital currency. While the dollar’s role as the world’s reserve economy is preserved by the U.S’s stable economy and rule of law — as rightly pointed out by regulators — CBDCs present a unique opportunity for foreign adversaries to avoid sanctions and circumvent U.S. policy. The ultimate decision about whether to adopt a CBDC should be made methodically only after meticulous study and deliberate policy debate.
Learn more about BPI’s previous research and analysis on central bank digital currencies by clicking the links below:
- Central Bank Digital Currencies: Costs, Benefits and Major Implications for the U.S. Economic System
- The Benefits and Costs of a Central Bank Digital Currency for Monetary Policy
- The Dollar, the Yuan, and CBDCs: What Talks, What Walks
- Legal Authority to Issue a U.S. Central Bank Digital Currency
- Central Bank Digital Currency – Frequently Asked Questions
- Predicting Stablecoin Regulation: 5 Key Takeaways from Gorton and Zhang’s “Taming Wildcat Stablecoins”
- BPI Statement in Advance of HFSC Task Force Hearing on Central Bank Digital Currency
About Bank Policy Institute.
The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.
Bank Policy Institute