Federal Reserve Releases Free Central Bank Financial Report on Privacy and the Financial Crisis

The Fed announced the creation of the free digital currency bank, “Money and Payments: The US Dollar in the Era of Digital Transformation,” on Thursday afternoon, January 21 EST. The Fed is "reviewing the pros and cons of the US central bank's digital currency (CBDC) capability," the Fed said in a statement. The Fed believes that current finances can be supported by the creation of digital bank overdrafts (CBDCs), but these funds can only operate in private businesses. Currently, non-CBDCs are issued directly by the Fed to consumers. The Fed didn't promise to create a dollar in its whitepaper, but it explains what to focus on when it comes to this issue, and can use personal, secure, and digital money . The whitepaper has no intention of continuing to release digital bank accounts without leadership and agency support, and best form is needed. Digital payment method. Additionally, cybersecurity, preventing financial fraud, and meeting future needs are all things the Fed should consider before announcing the CBDC.