WASHINGTON — January 20, 2022 — The Electronic Transactions Association (ETA) today welcomes the Federal Reserve Board’s discussion paper Money and Payments: The U.S. Dollar in the Age of Digital Transformation. The paper discusses and seeks comment on whether and how a Central Bank Digital Currency (CBDC) could improve the current domestic payments system.
“We welcome the discussion paper from the Fed and are pleased that it was guided by principles that are consistent with ETA’s own, including whether a CBDC would improve upon the existing robust, fast, and secure payments system,” said Jodie Kelley, CEO of ETA. “We look forward to continuing to work with policymakers on the possible creation of a CBDC.”
As payments experts, ETA has long advocated for an approach to CBDCs that considers potential benefits and unintended consequences and includes an appropriate regulatory framework that is tailored to risk. To this end, ETA released “7 Guiding Principles for CBDC” against which any proposed CBDC should be measured. As the federal government assesses a potential CBDC it should, consistent with these principles, ensure that any proposal best serves the needs of consumers, furthers financial inclusion, preserves and strengthens the financial system, and ensures that consumers continue to have access to a robust and innovative array of secure banking and payment options.
As policymakers and the Federal Reserve consider implementing a CBDC, ETA supports a CBDC that advances these 7 guiding principles:
About ETA
ETA members span the breadth of leading payments and fintech companies in the U.S and in more than a dozen countries around the world, processing approximately $22.5 trillion annually in purchases worldwide and deploying innovative and secure payments solutions to merchants and consumers. For more information, visit electran.org.
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information: bankcardlife.com?orid=33533&opid=1 .
Source: Company press release.
Quisitive agrees to sell BankCard USA to BUSA Acquisition Co.
Input 1 unveils platform features to drive visibility, growth
Brazil 2024 gift, incentive card market report released
Demand for youth banking high for Gen Z, Alpha children
MoneyGram partners with fintech app barraq
Alchemy Pay invests in UK fintech LaPay
Bloxcross, GoDirectPay release mobile app
Silverlake partners with Nagad in Bangladesh