US central bank releases new whitepaper for 'digital dollar'

Last Tuesday, the US central bank, the Federal Reserve, kicked off the debate over the central bank's digital currency (CBDC). The 'Digital Dollar' was introduced by releasing a new white paper.
This can be seen as a pretty healthy development considering that other developed economies have already taken the lead in pursuing CBDC projects. The document only talks about the advantages, the disadvantages and the possible costs. However, it is not necessarily about whether the Fed should pursue such a project. The Fed has made it clear that it will not proceed with a CBDC without clear support from the executive branch and Congress. Ideally in the form of a specific Enabling Act. According to the white paper, the CBDC would differ from how traditional digital payments work in America in a number of important ways. While digital transactions currently go through traditional banks, this would not necessarily be the case with CBDCs. The Digital Dollar will serve as a digital token with a direct claim from the central bank. However, this is somewhat similar to the way physical dollars are all “Federal Reserve Notes” held by the bearer. However, the Fed document notes that they would follow an “intermediate model”. In this, banks and payment companies could create accounts or digital wallets. Some Fed officials also highlighted the challenges associated with launching a CBDC in the market. Right now i am bullish on a few projects like: Rise up and Spores. Im very glad I've found them. DYOR!