cbdc:public:cbdc_omg:04_doc:04_intro:start
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| ====== 1.0 Introduction ====== | ====== 1.0 Introduction ====== | ||
| - | [[cbdc:cbdc_omg:start| OMG Responses to Federal Reserve Discussion Paper]] | + | [[cbdc:public:cbdc_omg:start| OMG's CBDC WG Responses to Federal Reserve Discussion Paper]] |
| A brief introduction to the problem space, The Federal Reserve and the **White Paper** and the Object Management Group. | A brief introduction to the problem space, The Federal Reserve and the **White Paper** and the Object Management Group. | ||
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| ===== About the Federal Reserve White Paper ===== | ===== About the Federal Reserve White Paper ===== | ||
| |< 100% >| | |< 100% >| | ||
| - | | [[cbdc:cbdc_omg:04_doc:start| Return to the Main Document]] | <WRAP> | + | | [[cbdc:public:cbdc_omg:04_doc:start| Return to the Main Document]] | <WRAP> |
| <html><b> | <html><b> | ||
| - | <a href="mailto:rwstavros@gmail.com?Subject=OMG CBDC Response: | + | <a href="mailto:cbdc-feedback@omg.org?Subject=OMG's CBDC WG Response: |
| 1.0 Introduction | 1.0 Introduction | ||
| - | &Body=The name space is | + | |
| - | cbdc:private:cbdc_omg:start | + | |
| ">Provide Feedback</a></b> | ">Provide Feedback</a></b> | ||
| </html> | </html> | ||
| - | </WRAP>| | + | </WRAP> | |
| ==== Overview ==== | ==== Overview ==== | ||
| - | [[cbdc:cbdc_omg:04_doc:04_intro:start| Return to the Top]] | + | [[cbdc:public:cbdc_omg:04_doc:04_intro:start| Return to the Top]] |
| - | The U.S. [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:f:federal_reserve | Federal Reserve (The Fed)]] published a {{ :cbdc:private:cbdc_omg:04_doc:08_method:money-and-payments-20220120.pdf | White Paper}} on [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | Money, and Payments: The U.S. Dollar in the Age of Digital Transformation]](( | + | The U.S. [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:f:federal_reserve | Federal Reserve (The Fed)]] published a {{ cbdc:04_doc:08_method:money-and-payments-20220120.pdf | White Paper}} on [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | Money, and Payments: The U.S. Dollar in the Age of Digital Transformation]](( |
| Board of Governors, | Board of Governors, | ||
| The Federal Reserve System, | The Federal Reserve System, | ||
| Line 25: | Line 24: | ||
| Accessed: 5 May 2022, | Accessed: 5 May 2022, | ||
| [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf]] | [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf]] | ||
| - | )), which provided a discussion and analysis of [[cbdc:cbdc_omg:8_append:20_glossary:cbdc]]. | + | )), which provided a discussion and analysis of [[cbdc:public:cbdc_omg:8_append:20_glossary:cbdc]]. |
| ==== Executive Summary ==== | ==== Executive Summary ==== | ||
| - | [[cbdc:cbdc_omg:04_doc:04_intro:start#about_the_federal_reserve_white_paper| Return to About the Federal Reserve White Paper]] | + | [[cbdc:public:cbdc_omg:04_doc:04_intro:start#about_the_federal_reserve_white_paper| Return to About the Federal Reserve White Paper]] |
| : //For a nation’s economy to function effectively, its citizens must have confidence in its money and payment services. The Federal Reserve, as the nation’s central bank, works to maintain the public’s confidence by fostering monetary stability, financial stability, and a safe and efficient payment system.//(( | : //For a nation’s economy to function effectively, its citizens must have confidence in its money and payment services. The Federal Reserve, as the nation’s central bank, works to maintain the public’s confidence by fostering monetary stability, financial stability, and a safe and efficient payment system.//(( | ||
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| ==== Background ==== | ==== Background ==== | ||
| - | [[cbdc:cbdc_omg:04_doc:04_intro:start#about_the_federal_reserve_white_paper| Return to About the Federal Reserve White Paper]] | + | [[cbdc:public:cbdc_omg:04_doc:04_intro:start#about_the_federal_reserve_white_paper| Return to About the Federal Reserve White Paper]] |
| : //Payment technologies offered by the Federal Reserve have evolved over time. In the Federal Reserve’s early years, it established a national check-clearing system and used dedicated telegraph wires to transfer funds between banks. In the 1970s, the Federal Reserve developed an automated clearinghouse (ACH) system that offered an electronic alternative to paper checks. And in 2019, the Federal Reserve committed to building the FedNowSM Service, which will provide real-time, around-the-clock interbank payments, every day of the year.//(( | : //Payment technologies offered by the Federal Reserve have evolved over time. In the Federal Reserve’s early years, it established a national check-clearing system and used dedicated telegraph wires to transfer funds between banks. In the 1970s, the Federal Reserve developed an automated clearinghouse (ACH) system that offered an electronic alternative to paper checks. And in 2019, the Federal Reserve committed to building the FedNowSM Service, which will provide real-time, around-the-clock interbank payments, every day of the year.//(( | ||
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| ==== Key Topics ==== | ==== Key Topics ==== | ||
| - | [[cbdc:cbdc_omg:04_doc:04_intro:start#about_the_federal_reserve_white_paper| Return to About the Federal Reserve White Paper]] | + | [[cbdc:public:cbdc_omg:04_doc:04_intro:start#about_the_federal_reserve_white_paper| Return to About the Federal Reserve White Paper]] |
| : //This paper begins with a discussion of existing forms of money; the current state of the U.S. payment system and its relative strengths and challenges; and the various digital assets that have emerged in recent years, including Stablecoins and other cryptocurrencies. The paper then turns to CBDC, focusing on its uses and functions; potential benefits and risks; and related policy considerations.//(( | : //This paper begins with a discussion of existing forms of money; the current state of the U.S. payment system and its relative strengths and challenges; and the various digital assets that have emerged in recent years, including Stablecoins and other cryptocurrencies. The paper then turns to CBDC, focusing on its uses and functions; potential benefits and risks; and related policy considerations.//(( | ||
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| ==== Public Outreach ==== | ==== Public Outreach ==== | ||
| - | [[cbdc:cbdc_omg:04_doc:04_intro:start#about_the_federal_reserve_white_paper| Return to About the Federal Reserve White Paper]] | + | [[cbdc:public:cbdc_omg:04_doc:04_intro:start#about_the_federal_reserve_white_paper| Return to About the Federal Reserve White Paper]] |
| : //The Federal Reserve will seek input from a wide range of stakeholders that might use a CBDC or be affected by its introduction. **This paper concludes with a request for public comment, the first step in a broad consultation that will also include targeted outreach and public forums.**//(( | : //The Federal Reserve will seek input from a wide range of stakeholders that might use a CBDC or be affected by its introduction. **This paper concludes with a request for public comment, the first step in a broad consultation that will also include targeted outreach and public forums.**//(( | ||
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| ===== About the Object Management Group (OMG) ===== | ===== About the Object Management Group (OMG) ===== | ||
| - | [[cbdc:cbdc_omg:04_doc:04_intro:start| Return to the Top]] | + | [[cbdc:public:cbdc_omg:04_doc:04_intro:start| Return to the Top]] |
| ==== Overview ==== | ==== Overview ==== | ||
| - | [[cbdc:cbdc_omg:04_doc:04_intro:start#about_the_object_management_group| Return to About the Object Management Group (OMG)]] | + | [[cbdc:public:cbdc_omg:04_doc:04_intro:start#about_the_object_management_group| Return to About the Object Management Group (OMG)]] |
| The **Object Management Group® (OMG®)**, founded in 1989, is an international not-for-profit software consortium (aka [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:s:sdo | Standards Developing Organization (SDO)]] or a [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:v:vcsb | Voluntary Standards Consensus Body (VSCB)]]) that sets standards in the many areas including distributed object computing. The OMG manages an open, vendor-neutral process that proposes technologies, and invites proposals, and feedback from any member company before coming to a consensus on a final adopted specification standard. Some standards the OMG has developed for specific domains such as [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:c:corba | CORBA®]], [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:s:sysml | SysML®]], [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:u:uml | UML®]], and [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:i:iiop | IIOP®]]. OMG has a fast-track approval agreement with the [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:i:iso | International Standards Organization (ISO)]] and all OMG standards are written in ISO format. | The **Object Management Group® (OMG®)**, founded in 1989, is an international not-for-profit software consortium (aka [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:s:sdo | Standards Developing Organization (SDO)]] or a [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:v:vcsb | Voluntary Standards Consensus Body (VSCB)]]) that sets standards in the many areas including distributed object computing. The OMG manages an open, vendor-neutral process that proposes technologies, and invites proposals, and feedback from any member company before coming to a consensus on a final adopted specification standard. Some standards the OMG has developed for specific domains such as [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:c:corba | CORBA®]], [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:s:sysml | SysML®]], [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:u:uml | UML®]], and [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:i:iiop | IIOP®]]. OMG has a fast-track approval agreement with the [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:i:iso | International Standards Organization (ISO)]] and all OMG standards are written in ISO format. | ||
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| ==== Public Response to Outreach Request ==== | ==== Public Response to Outreach Request ==== | ||
| - | [[cbdc:cbdc_omg:04_doc:04_intro:start#about_the_object_management_group_omg| Return to About the Object Management Group (OMG)]] | + | [[cbdc:public:cbdc_omg:04_doc:04_intro:start#about_the_object_management_group_omg| Return to About the Object Management Group (OMG)]] |
| - | The OMG has reached out to its members to solicit an overall OMG response to the White Paper. Two groups within the OMG are providing extensive information in response to The Fed's request for [[cbdc:cbdc_omg:04_doc:04_intro:start#public_outreach| Public Outreach]]. | + | The OMG's CBDC WG reached out to its members to solicit an overall OMG's CBDC WG response to the White Paper. Two other groups within the OMG are interested in providing extensive information in response to The Fed's request for [[cbdc:public:cbdc_omg:04_doc:04_intro:start#public_outreach| Public Outreach]]. |
| Table {{ref>omgGroups}} provides a list of OMG groups that would have interest in the U.S. Based CBDC. | Table {{ref>omgGroups}} provides a list of OMG groups that would have interest in the U.S. Based CBDC. | ||
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| </table> | </table> | ||
| ===== Summary ===== | ===== Summary ===== | ||
| - | [[cbdc:cbdc_omg:04_doc:04_intro:start| Return to the Top]] | + | [[cbdc:public:cbdc_omg:04_doc:04_intro:start| Return to the Top]] |
| - | The members of the [[https://www.omg.org/ | Object Management Group (OMG)]] have produced a single response to the Federal Reserves White Paper "[[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | Money, and Payments: The U.S. Dollar in the Age of Digital Transformation]]"(( | + | The members of the [[https://www.omg.org/ | Object Management Group's (OMG)]] CBDC WG have produced a single response to the Federal Reserves White Paper "[[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | Money, and Payments: The U.S. Dollar in the Age of Digital Transformation]]"(( |
| Board of Governors, | Board of Governors, | ||
| The Federal Reserve System, | The Federal Reserve System, | ||
| Line 221: | Line 220: | ||
| Accessed: 5 May 2022, | Accessed: 5 May 2022, | ||
| [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf]] | [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf]] | ||
| - | )). The White Paper was divided into two main sections: Discussion of a Central Bank Digital Currency (CBDC), and specific questions about the potential of a U.S. CBDC. The questions were further categorized into two main areas: CBDC Benefits, Risks, and Policy Considerations; and CBDC Design Considerations. The OMG response was written as a series of small sections using a WIKI and then printed as a PDF for submission back to the Federal Reserve. After the submission to the Federal Reserve, the contents of the WIKI are publicly available on the Internet. In order to relate the two sections, the OMG first [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:private:cbdc_omg:04_doc:12_summary:start | analyzed the Discussion portion of the White Paper for "Desirements"]] (the white paper was not written as a requirements document, therefore the use of the term "Desirements"(( | + | )). The White Paper was divided into two main sections: Discussion of a Central Bank Digital Currency (CBDC), and specific questions about the potential of a U.S. CBDC. The questions were further categorized into two main areas: CBDC Benefits, Risks, and Policy Considerations; and CBDC Design Considerations. The OMG's CBDC WG response was written as a series of small sections using a Wiki and then printed as a PDF for submission back to the Federal Reserve. After the submission to the Federal Reserve, the contents of the Wiki are publicly available on the Internet. In order to relate the two sections, the OMG's CBDC WG first [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:12_summary:start | analyzed the Discussion portion of the White Paper for "Desirements"]] (the white paper was not written as a requirements document, therefore the use of the term "Desirements"(( |
| **Desirement** is a blended word combining the word **Desire** and **Requirement**. **Desirement** is something that is desired, but not absolutely required and is often used to caption the capabilities of a product or system before it has reached the formal requirements phase. | **Desirement** is a blended word combining the word **Desire** and **Requirement**. **Desirement** is something that is desired, but not absolutely required and is often used to caption the capabilities of a product or system before it has reached the formal requirements phase. | ||
| Source: [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:d:desirement | Desirement]] | Source: [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:d:desirement | Desirement]] | ||
| ))). Each of the "Desirements" was classified as being a: | ))). Each of the "Desirements" was classified as being a: | ||
| - | * [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:private:cbdc_omg:04_doc:12_summary:start#benefits| Benefit Considerations]], | + | * [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:12_summary:start#benefit_considerations| Benefit Considerations]], |
| - | * [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:private:cbdc_omg:04_doc:12_summary:start#policy_considerations| Policy Considerations]], | + | * [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:12_summary:start#policy_considerations| Policy Considerations]], |
| - | * [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:private:cbdc_omg:04_doc:12_summary:start#risks| Risk Considerations]], | + | * [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:12_summary:start#risk_considerations| Risk Considerations]], |
| - | * [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:private:cbdc_omg:04_doc:12_summary:start#design| Design Considerations]] | + | * [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:12_summary:start#design_considerations| Design Considerations]] |
| - | Each Desirement was numbered, referenced to the original page number in the White Paper, and listed in appropriate tables as a quick reference. Finally, each of the 22 questions was answered using the "Desirements" as context back to the discussion portion of the White Paper. As the answers to the questions were formulated, some [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:private:cbdc_omg:04_doc:15_common:start | Common Elements]] were identified and made into independent subsections for reuse in the formulation of the answers to multiple questions. | + | Each Desirement was numbered, referenced to the original page number in the White Paper, and listed in appropriate tables as a quick reference. Finally, each of the 22 questions was answered using the "Desirements" as context back to the discussion portion of the White Paper. As the answers to the questions were formulated, some [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:15_common:start | Common Elements]] were identified and made into independent subsections for reuse in the formulation of the answers to multiple questions. |
cbdc/public/cbdc_omg/04_doc/04_intro/start.1652739082.txt.gz · Last modified: 2022/05/16 18:11 by nick
