The United States Congress and Board of Governors of the Federal Reserve System are examining whether the U.S. should issue a Central Bank Digital Currency (CBDC) in cross-border payments. The research and public engagement on CBDCs is due to a number of developments, including the growth of stablecoins, advancement of foreign CBDCs, and competition between the U.S. and the People’s Republic of China in a race to determine which CBDC will be the primary digital form of currency as an alternative to the U.S. dollar as a global reserve currency.

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