The House Financial Services Committee has scheduled a virtual hearing for Thursday, May 26, 2022, at 12:00 PM E.T., to examine the benefits and risks of a U.S. central bank digital currency (CBDC). 

The hearing is set against the backdrop of a discussion paper released by the Federal Reserve in January 2022, which discussed the pros and cons of a CBDC and requested public comment.  The Federal Reserve stated a CBDC would act similarly to physical cash transactions, allowing a person or business to transfer money directly to someone else without the use of a private bank account.

Notably, the White House also requested governmental agencies to research a potential CBDC in Executive Order 14067 issued in March 2022.

CS continues to monitor this development for any impact to our solution and will inform our clients and partners of any required changes.