"On March 9, 2022, President Biden signed an Executive Order on Ensuring ResponsibleDevelopment of Digital Assets (Executive Order).1 Section 4(b) of the Executive Order directs the Secretary of the Treasury, in consultation with the Secretary of State, the AttorneyGeneral, the Secretary of Commerce, the Secretary of Homeland Security, the Director of the Office of Management and Budget, the Director of National Intelligence, and the heads of other relevant agencies, to submit to the President a report on the future of money and payment systems.This report reviews the current U.S. system of money and payments, including developments in instant payments and stablecoins. It also describes design choices for a potential U.S.Central Bank Digital Currency (CBDC) in the context of public policy considerations related to building the future of money and payments, supporting U.S. global financial leadership, advancing financial inclusion and equity, and minimizing risks.Money serves three core functions: a unit of account, a medium of exchange, and a store of value. It can be public money—primarily a liability of the central bank—or private money—a liability of a private intermediary. Payment systems transfer money. Consumers and businesses use retail payment systems for transactions that typically involve smaller dollar amounts; banks and other financial institutions use wholesale payment systems that generally involve larger dollar amounts.The central bank is at the center of the monetary system. Reflecting this position, central bank money tends to underpin interbank payments and serve as the backbone of the broader payment system. 2 In addition, the Federal Reserve provides currency and reserve balances, operates payment systems, and supervises certain intermediaries that issue private money and make payments. Even as the money and payment system evolves, the central bank’s role in final settlement must be preserved to promote economic growth, efficiency, and other public interests..."
p/o Virginie Gastine Menou
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