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Federal Reserve System's attitude to CBDC
Slabý, Jiří ; Fiřtová, Magdalena (advisor) ; Hornát, Jan (referee)
Using Content Analysis, this Master's thesis aims to answer the question of why the Federal Reserve System is delaying the introduction of a central bank digital currency (CBDC). This new financial instrument responds to the technological innovations of recent years in the field of currencies - cryptocurrencies. With declining numbers of people using central bank money, namely cash, the CBDC efforts to reverse this trend. This thesis offers a comparison of various means of payment so that the reader understands exactly how CBDC differs from them. With the help of examples of already established digital currencies or their pilot projects, it shows possible paths for the United States as well. The support of the executive branch, Congress, and especially the American public is needed for the introduction of CBDC in the United States. The President's backing is evidenced, for example, by his Executive Order No. 14067. Finding support in Congress is much more difficult for the Fed since its composition changes every two years. With the Republican Party currently on top in the House of Representatives, it will be more difficult to push the President's agenda. Additionally, Republican Congressmen typically introduce bills against additional Fed powers. A public survey on the introduction of CBDC has not...
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