A DIGITAL DOLLAR CAN COMPLEMENT CASH, NEVER REPLACE IT
ICA, VOICE OF THE GLOBAL CURRENCY INDUSTRY, CONTRIBUTION TO US FEDERAL RESERVE CONSULTATION
PRESS RELEASE May 23, 2022 – The International Currency Association (ICA), representing the global currency sector, has confirmed its submission to the US Federal Reserve consultation on the introduction of a digital Dollar.
The consultation was launched in response to the US Federal Reserve’s discussion paper published in January 2022 which presented the Bank’s emerging thoughts on Central Bank Digital Currencies (CBDCs).
The ICA’s contribution to the consultation elaborates specifically on the conditions which need to be met for ‘physical cash’ and a public digital currency to co-exist.
ICA Director General Jutta Buyse, comments, “Cash will continue to be a fundamental cornerstone for all functioning societies, ensuring inclusion and security. Coexistence with cash is a critical issue which need to be front and center of architectural and policy design in the development of any CBDC.”
As discussions around CBDCs continue to evolve around the world, the ICA will continue to contribute to these discussions to ensure that if and a where a CBDC is introduced, it can exist in harmony with cash. The ICA salutes the efforts of the US Federal Reserve for providing the occasion for such input to be given.
The ICA had contributed to previous consultations on CBDCs from the European Central Bank, the Bank of England and the Reserve Bank of New Zealand and stands ready to contribute with expertise to discussions in other jurisdictions.
ICAs responses to the US Federal Reserve’s consultation on the CBDC are available to view here.
Contact: Chloe Menhinick, Director of Communication ICA – [email protected] | +31 6 287 294 79
About the International Currency Association: The International Currency Association exists to create a coherent voice for the currency industry – covering design, production, manufacturing and distribution. We are the first industry body of its kind with a membership made up of businesses that span the sector. https://currencyassociation.org/