Law Commons^™

Fedaccounts: Digital Dollars, Morgan Ricks, J. Crawford, L. Menand

Vanderbilt Law School Faculty Publications

We are entering a new monetary era. Central banks around the world- spurred by the development of privately controlled digital currencies as well as competition from other central banks-have been studying, building, and, in some cases, issuing central bank digital currency ("CBDC").

Although digital fiat currency is one of the hottest topics in macroeconomics and central banking today, the discussion has largely over- looked the most straightforward and appealing strategy for implementing a U.S. dollar-based CBDC: expanding access to bank accounts that the Federal Reserve already offers to a small, favored set of clients. These accounts consist of entries in …

Privacy Beyond Possession: Solving The Access Conundrum In Digital Dollars, Nerenda N. Atako

Vanderbilt Journal of Entertainment & Technology Law

The advent of a retail central bank digital currency (CBDC) could reshape the US payments system. A retail CBDC would be a digital representation of the US dollar in the form of an account or token that is widely accessible to the general public. It would be a third form of US fiat money that is created and issued by the Federal Reserve and complementary to physical cash. CBDC proposals have suggested a myriad of retail CBDC design models with an overwhelming interest in a retail CBDC that either implements a centralized ledger system or some form of a distributed …