Monica Eaton, one of the world’s foremost experts in the payments and finance space, was recently invited to share her thoughts in a new guest feature for The Daily Hodl.
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Central bank digital currencies, or “CBDCs,” are a hot topic in the payments space right now. As Monica notes, they could be a sorely needed “stabilizing force” in the crypto space. However, a lot of things remain uncertain about CBDCs, from regulatory compliance to the role of consumers and government in payments.
“The Fed is still taking a deeply cautious approach to the idea of rolling out a CBDC. After all, this is about setting the course for the future,” Monica says. “With digital wallets and cryptocurrencies now a regular part of the financial conversation, it’s obvious that change is afoot. That said, the Fed board doesn’t want to lose sight of their main job – maintaining trust in the US dollar.”
She goes on to explain that the key is striking the right balance, and the the government should not be solely responsible. “Partnerships with private-sector players and tapping into industry expertise are vital for spurring innovation and crafting efficient payment systems,” Monica explains.