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====== 4.1 Stakeholders ======
|< 100% >|
| [[cbdc:public:cbdc_omg:04_doc:15_common:start| Return to Common Elements]]  |  <WRAP>
<html><b>
<a href="mailto:cbdc-feedback@omg.org?Subject=OMG's CBDC WG Response: 
4.1 Stakeholders

">Provide Feedback</a></b>
</html>
</WRAP>  |
===== Overview =====
[[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start| Return to Top]]

A [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:s:stakeholder | Stakeholder]] is a party with an interest in a [[cbdc:public:cbdc_omg:8_append:20_glossary:cbdc| Central Bank Digital Currency (CBDC)]] effort and can either affect or be affected by the CBDC effort. The primary stakeholders in the CBDC effort are [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#us_federal_government_oversight_authorities| U.S. Federal Government Oversight Authorities]], [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#non-us_federal_government_oversight_authorities| non-U.S. Federal Government Oversight Authorities]], customers, and suppliers of goods and services.

However, with the increasing attention on social responsibility, the Stakeholder concept now includes: communities, governments, trade associations, and [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:c:coi | Communities of Interest (CoIs)]].

  * A CBDC stakeholder has a vested interest in a CBDC effort and can either affect or be affected by a CBDC effort's operations and performance
  * Typical CBDC stakeholders are the customers, suppliers of goods, services, [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#us_federal_government_oversight_authorities| U.S. Federal Authorities]], and [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#non-us_federal_government_oversight_authorities | non-U.S. Federal Authorities]]
  * CBDC stakeholders can be both internal and external to the CBDC effort.

There are two "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. 
Source: [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:d:desirement | Desirement]]
)) specified in the White Paper that specifies the need to establish a comprehensive list of Stakeholders:

<table stakeholder req>
<caption>Desirements for identification of key Stakeholders</caption>
^ Statement No.  ^  Page No.  ^Desirement Statement  |
^ B0006  ^  2  ^ Provide broad support from key stakeholders|
^ P0006  ^  2  ^ Garner broad support from key stakeholders |
| **''B''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#benefit_considerations| Benefit Considerations ]] |||
| **''P''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#policy_considerations| Policy Considerations]] |||
| **''R''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#risk_considerations| Risk Considerations ]] |||
| **''D''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#design_considerations| Design Considerations]] |||
</table>
\\

<table summaryStakeReg>
<caption>Summary of the estimated number of Government Stakeholders for the CBDC.</caption>

^Potential Oversight Authorities  ^  No. of Stakeholders  |
^ [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#us_federal_government_oversight_authorities | U.S. Federal Government Oversight Authorities ]] |  14  |
^ [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc_omg:04_doc:15_common:45_privacy:start#us_state_laws_and_regulations   | non-U.S. Federal Government Oversight Authorities  ]]  |  19  |
^ Total  ^  **33**  |
</table>



==== U.S. Federal Government Oversight Authorities ====
[[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start| Return to Top]]

Table {{ref>usAuthorites}} provides a list of authorities within the U.S. having oversight over financial services. Some authorities listed are Agencies of the U.S. such as the
[[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:s:sec | Securities and Exchange Commission (SEC)]] or the
[[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:c:cfpb | Consumer Financial Protection Bureau (CFPB)]]. Others are independent non-governmental organizations, such as the
[[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:f:finra | Financial Industry Regulatory Authority (FINRA)]].

There are roughly 14 U.S. Federal Government Authorities with financial oversight. 

<table usAuthorites>
<caption>U.S. Federal Government Authorities with financial oversight</caption>
|< 100% 15% 35% ->|
^ Authority   ^ Description  ^
^ [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:u:us_treasury | U.S. Treasury]]  | <WRAP>
The **U.S. Treasury** is the government department responsible for issuing all Treasury bonds, notes, and bills. Among the government departments operating under the U.S. Treasury umbrella are the:

  : 1. Internal Revenue Service (IRS)
  : 2. U.S. Mint, the Bureau of the Fiscal Service
  : 3. Alcohol and Tobacco Tax and Trade Bureau
</WRAP> |
^ [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:s:sec | U.S. Securities and Exchange Commission (SEC)]]          | <WRAP>
The **SEC** is the U.S. government agency in charge of the nation's [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:s:security_finance | securities]] industry. It monitors transactions, as well as the activities of financial professionals. Its mission is to promote fairness, integrity, and transparency; prevent fraud and other deceptive acts, and ensure orderly and efficient markets.
</WRAP>|
^ [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:f:finra | Financial Industry Regulatory Authority (FINRA)]]        | <WRAP>
**FINRA** is an independent, nongovernmental organization that writes and enforces the rules governing registered brokers and broker-dealer firms in the United States. Its stated mission is “to safeguard the investing public against fraud and bad practices.” It is considered a self-regulatory organization. 
</WRAP>|
^ [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:c:cfpb | Consumer Financial Protection Bureau (CFPB)]]            | <WRAP>
The **CFPB** is a regulatory agency charged with overseeing financial products and services that are offered to consumers.
</WRAP>|
^ [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:c:cftc | Commodity Futures Trading Commission (CFTC)]]            | <WRAP>
The **CFTC** regulates the derivatives markets, including futures contracts, options, and swaps. Its goals include the promotion of competitive and efficient markets and the protection of investors against manipulation, abusive trade practices, and fraud.
</WRAP>|
^ [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:f:federal_reserve | Federal Reserve System (The Fed)]]            | <WRAP>
**The Fed** is the central banking system of the United States and oversees the 12 regional Federal Reserve Banks. Its primary goals are to regulate the nation's private banks and manage the overall money supply. The Fed ensures lenders and borrowers have access to credit and loans.
</WRAP>|
^ [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:f:fdic | Federal Deposit Insurance Corporation (FDIC)]]          | <WRAP>
The **FDIC** maintains stability and public confidence in the nation’s financial system by insuring deposits; examining and supervising financial institutions for safety, soundness, and consumer protection; making large and complex financial institutions resolvable; and managing receivership.
</WRAP>|
^ [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:o:occ | Office of the Comptroller of the Currency (OCC)]]        | <WRAP>
The **OCC** is an organization that acts as both the issuer and guarantor for options and futures contracts and is the largest equity derivatives clearing organization in the world.
</WRAP>|
^ [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:n:naic | National Association of Insurance Commissioners (NAIC)]] | <WRAP>
**NAIC** is a nonprofit, nonpartisan organization that sets standards and establishes best practices for the U.S. insurance industry, and provides support to insurance regulators. It also provides information and resources to consumers. **Note:** Insurance products sold in the U.S. are largely regulated by the states, rather than the federal government. 
</WRAP>|
^ [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:n:ncua | National Credit Union Administration (NCUA)]]            | <WRAP>
The **NCUA** monitors federal credit unions across the country and provides the National Credit Union Share Insurance Fund (NCUSIF) which uses tax dollars to insure the deposits at all federal credit unions.
</WRAP>|
^ [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:f:fema | Federal Emergency Management Agency (FEMA)]]             | <WRAP>
**FEMA** is a United States government agency with the purpose to coordinate aid and respond to disasters around the nation when local resources are insufficient. Commanding a budget of approximately $14 billion annually, the agency is headquartered in Washington, D.C. 
</WRAP>|
^ [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:d:doj | Department of Justice (DoJ)]]                | <WRAP>
The U.S. DOJ enforces U.S. law through its agencies and protects the public from foreign and domestic threats such as terrorism and criminal activities. The department also investigates financial fraud and manages the federal prison system. The DOJ also represents the country in legal affairs, such as in cases before the Supreme Court. The DOJ shares security responsibilities with the U.S. Department of Homeland Security (DHS) and the U.S. Department of Health and Human Services (HHS).
</WRAP>|
^ [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:f:fbi | Federal Bureau of Investigation (FBI) ]]                | <WRAP>
The **FBI** is the principal law enforcement agency and national security service of the federal government. The FBI is housed under the Department of Justice and additionally reports to the Director of National Intelligence. 

As a law enforcement agency, the FBI investigates an array of federal crimes, including public corruption, terrorism, cybercrime, civil rights violations, drug trafficking, sex trafficking, and white-collar crime. As a national security service, the FBI conducts counterintelligence to prevent espionage. 
</WRAP>|
^ [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:d:dea | Drug Enforcement Administration (DEA)]]               | <WRAP>
**DEA** enforces the provisions of the controlled substances and chemical diversion and trafficking laws and regulations of the United States, and operates on a worldwide basis. It presents cases to the criminal and civil justice systems of the United States--or any other competent jurisdiction--on those significant organizations and their members involved in the cultivation, production, smuggling, distribution, laundering of proceeds, or diversion of controlled substances appearing in or destined for illegal traffic in the United States.
</WRAP>|
</table>

\\
==== non-U.S. Federal Government Oversight Authorities ====
[[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start| Return to Top]]

Table {{ref>nonUsAuthorites}} provides a list of authorities that are not within the U.S. and have oversight over financial services. Each of the Countries that the organization is associated with is provided in the first column. A few organizations are umbrella organizations covering several countries and are declared **''international''**.

There are at least 18 non-U.S. Federal Government Authorities with financial oversight. 

<table nonUsAuthorites>
<caption>Non-U.S. Government Authorities with financial oversight</caption>
|< 100% 15% 35% ->|
^ Country    ^ Authority         ^ Description  |
^ United Kingdom ^ [[https://www.omgwiki.org/dido/doku.php?id=didopublic:ra:xapend:xapend.a_glossary:b:boe | Bank of England (BoE)]] | <WRAP>
The **BoE** is the central bank for the United Kingdom. It acts as the government's bank and the lender of last resort. The BoE issues currency and, most importantly, oversees monetary policy. 
</WRAP>|
^                ^ [[https://www.omgwiki.org/dido/doku.php?id=didopublic:ra:xapend:xapend.a_glossary:p:pra | Prudential Regulation Authority (PRA)]] | <WRAP>
The **PRA** is a part of the Bank of England and is responsible for the prudent regulation and supervision of banks, building societies, credit unions, insurers, and major investment firms. It sets standards and supervises financial institutions at the level of the individual firm. 
</WRAP>|
^                ^ [[https://www.omgwiki.org/dido/doku.php?id=didopublic:ra:xapend:xapend.a_glossary:f:fca | Financial Conduct Authority (FCA)]] | <WRAP>
The **FCA** works alongside the [[https://www.omgwiki.org/dido/doku.php?id=didopublic:ra:xapend:xapend.a_glossary:p:pra | Prudential Regulation Authority (PRA)]]  in regulating the financial services industry in the UK and is responsible for the prudential regulation of those financial services firms not supervised by the PRA such as asset managers and independent financial advisers. The FCA has //"rule-making, investigative and enforcement powers"// to regulate the financial services industry. 
</WRAP>|
^ Japan          ^ [[https://www.omgwiki.org/dido/doku.php?id=didopublic:ra:xapend:xapend.a_glossary:f:fsa | Financial Services Agency (FSA)]] | <WRAP>
The **FSA** is the chief regulator of Japan’s financial services industry, responsible for maintaining its stability and integrity, and is mandated to oversee the banking, insurance and securities, and exchange industries. It’s also charged with protecting market participants from fraud and money laundering. 
</WRAP>|
^ Germany        ^ [[https://www.omgwiki.org/dido/doku.php?id=didopublic:ra:xapend:xapend.a_glossary:b:bafin | Federal Financial Supervisory Authority (BaFin)]] | <WRAP>
**BaFin** integrates the regulatory functions of those agencies with authority over Germany’s banks, financial services companies, insurance companies, stock exchanges, and other obligated institutions. An important part of BaFin’s role as regulator is to identify and eliminate financial crime – a function that includes promoting anti-money laundering in Germany, and counter-terrorist financing. 
</WRAP>|
^ France         ^ [[https://www.omgwiki.org/dido/doku.php?id=didopublic:ra:xapend:xapend.a_glossary:a:amf | Autorité des marchés financiers (AMF)]] | <WRAP>
**AMF** is an independent body that supervises financial companies operating in France with three core responsibilities:

  : 1. safeguard investments
  : 2. increase transparency in financial instruments
  : 3. ensure financial markets run smoothly

It is also charged with keeping the nation’s markets and financial services industry free of fraud and money laundering.

Additionally, France’s AMF is a rules-setter and is responsible for implementing the EU’s 2018 [[https://www.omgwiki.org/dido/doku.php?id=didopublic:ra:xapend:xapend.a_glossary:m:mifid_ii | Markets in Financial Instruments Directive II (MiFID II)]] directive as well as its own General Regulation. 
</WRAP>|
^ Singapore      ^ [[https://www.omgwiki.org/dido/doku.php?id=didopublic:ra:xapend:xapend.a_glossary:m:mas | Monetary Authority of Singapore (MAS)]] | <WRAP>
The **MAS** is empowered by the Monetary Authority of Singapore Act to set regulations and supervise the city’s banking, capital markets, insurance, and payments sectors. The organization enforces its regulations and government laws through legally binding instructions called Directions. They may take the form of Directives, which are issued to specific entities or individuals, and Notices, which cover a class of asset, institution, or person, such as loans or loan issuers.
</WRAP>|
^ Switzerland    ^ [[https://www.omgwiki.org/dido/doku.php?id=didopublic:ra:xapend:xapend.a_glossary:f:finma | Financial Market Supervisory Authority (FINMA)]] | <WRAP>
**FINMA** is Switzerland’s independent financial-markets regulator. Its mandate is to supervise banks, insurance companies, financial institutions, collective investment schemes, and their asset managers and fund management companies. It also regulates insurance intermediaries. It is charged with protecting creditors, investors, and policyholders. FINMA is responsible for ensuring that Switzerland’s financial markets function effectively. 
</WRAP>|
^ People's Republic of China ^ [[https://www.omgwiki.org/dido/doku.php?id=didopublic:ra:xapend:xapend.a_glossary:c:cbrc | China Banking Regulatory Commission (CBRC)]] | <WRAP>
The **CBRC** is authorized by the State Council to regulate the banking sector of the PRC except for the territories of Hong Kong and Macau, both of which are special administrative regions.
</WRAP>|
^                ^ [[https://www.omgwiki.org/dido/doku.php?id=didopublic:ra:xapend:xapend.a_glossary:c:circ | China Insurance Regulatory Commission (CIRC)]] | <WRAP>
CIRC is used to regulate the Chinese insurance products and services market and maintain legal and stable operations of the insurance industry. In 2018, it was merged with the banking regulator China Banking Regulatory Commission (CBRC) to create the China Banking and Insurance Regulatory Commission (CBIRC).
</WRAP>|
^                ^ [[https://www.omgwiki.org/dido/doku.php?id=didopublic:ra:xapend:xapend.a_glossary:c:csrc | China Securities Regulatory Commission (CSRC)]] | <WRAP>
The **CSRC** is the national regulatory body that oversees the securities and futures industry of the country. The CSRC is the functional equivalent of the [[https://www.omgwiki.org/dido/doku.php?id=didopublic:ra:xapend:xapend.a_glossary:s:sec | Securities and Exchange Commission (SEC)]] of the U.S., charged with maintaining orderly and fair markets.
</WRAP>|
^ India          ^ [[https://www.omgwiki.org/dido/doku.php?id=didopublic:ra:xapend:xapend.a_glossary:r:rbi | Reserve Bank of India (RBI)]] | <WRAP>
The **RBI** is the central bank of India, whose primary function is to manage and govern the financial system of the country, and it regulates the issue and supply of the Indian rupee. Additionally, it looks after the central government’s money and is the of the //bankers’ bank// and regulates the banking sector. The RBI is important in India’s development by supporting the government in its developmental projects and policies.
</WRAP> |
^                ^ [[https://www.omgwiki.org/dido/doku.php?id=didopublic:ra:xapend:xapend.a_glossary:s:sebi | Securities and Exchange Board of India (SEBI)]] | <WRAP>
The **SEBI** is the most important regulator of securities markets in India and is the counterpart of the [[https://www.omgwiki.org/dido/doku.php?id=didopublic:ra:xapend:xapend.a_glossary:s:sec | Securities and Exchange Commission (SEC)]] in the U.S. The stated objective of the SEBI is //"to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto."//
</WRAP>|
^                ^ [[https://www.omgwiki.org/dido/doku.php?id=didopublic:ra:xapend:xapend.a_glossary:i:ibbi | Insolvency and Bankruptcy Board of India (IBBI)]] | <WRAP>
**IBBI** is a key pillar of the ecosystem responsible for the implementation of the Code that consolidates and amends the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms, and individuals in a time-bound manner for maximization of the value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders. 
</WRAP>|
^                ^ [[https://www.omgwiki.org/dido/doku.php?id=didopublic:ra:xapend:xapend.a_glossary:i:irdai | Insurance Regulatory and Development Authority of India (IRDAI)]] | <WRAP>
The **IRDAI** has overall responsibility for the supervision and development of the Insurance sector in India. The key objectives of the IRDAI include the promotion of competition to enhance customer satisfaction through increased consumer choice and fair premiums and ensuring the financial security of the Insurance market. Additionally, the IRDAI frames regulations laying down the regulatory framework for the supervision of the entities operating in the sector. </WRAP>|
^                ^ [[https://www.omgwiki.org/dido/doku.php?id=didopublic:ra:xapend:xapend.a_glossary:p:pfrda | Pension Fund Regulatory and Development Authority (PFRDA) ]]| <WRAP>
**PFRDA** regulates the National Pension System (NPS), subscribed by employees of the Government of India, Indian State Governments, and by employees of private institutions, organizations, and unorganized sectors. PFRDA ensures the orderly growth and development of the pension market.
</WRAP>|
^ International  ^ [[https://www.omgwiki.org/dido/doku.php?id=didopublic:ra:xapend:xapend.a_glossary:f:fatf | Financial Action Task Force (FATF)]] | <WRAP>
The **FATF** is an intergovernmental organization that develops standards around [[https://www.omgwiki.org/dido/doku.php?id=didopublic:ra:xapend:xapend.a_glossary:a:aml| Anti Money Laundering (AML)]] to promotes policies and standards to combat the financial crime of money laundering and terrorism funding. Additionally, FATF produces two lists of uncooperative jurisdictions in efforts against money laundering (and terrorism financing). 
</WRAP>|
^ International  ^ [[https://www.omgwiki.org/dido/doku.php?id=didopublic:ra:xapend:xapend.a_glossary:m:mifid_ii | Markets in Financial Instruments Directive II (MiFID II)]] | <WRAP>
The EU's **MiFID II** is a 2018 update to the original [[https://www.omgwiki.org/dido/doku.php?id=didopublic:ra:xapend:xapend.a_glossary:m:mifid | Markets in Financial Instruments Directive (MiFID)]] and is a legislative framework instituted by the European Union (EU) to regulate financial markets in the bloc and improve protections for investors. Its aim is to standardize practices across the EU and restore confidence in the industry
</WRAP> |
^ International ^ [[https://www.worldbank.org/en/who-we-are | The World Bank Group]]| <WRAP>
The **World Bank Group** (also known as **World Bank**) is one of the world’s largest sources of funding and knowledge for developing countries. Its five institutions share a commitment to reducing poverty, increasing shared prosperity, and promoting sustainable development.
</WRAP>|
</table>

===== Examples =====
[[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start| Return to Top]]

Some of the "desirements" in the [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | Money and Payments: The U.S. Dollar in the Age of Digital Transformation]] **White Paper** relating to [[cbdc:public:cbdc_omg:8_append:20_glossary:cbdc]] **Stakeholders** are summarized in the [[cbdc:public:cbdc_omg:04_doc:12_summary:start| White Paper Analysis]] done by the [[https://www.omg.org/ | Object Management Group's ]] CBDC WG and listed in Table {{ref>stakeholderReq}}.

<table stakeholderReq>
<caption>List of Stakeholder Desirements identified in the White Paper</caption>
|< 100% 20% ->|
^ Category  ^ Desirements  ^
^ Benefits              | B0006, B0009, B0015, B0020, B0026, B0029, B0035, B0038, B0041, B0043, B0045, B0046, B0052, B0053 |
^ Policy Considerations | P0006, P0011, P0017, P0020, P0021, P0023, P0025, P0028, P0031 |
^ Risks                 | R0001, R0005, R0018, R0020, R0021, R0023|
^ Design                | D0010, D0011, D0012, D0013, D0014, D0015, D0016, D0017 |
</table>



===== Discussion of Examples =====
[[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start| Return to Top]]


Table {{ref>shareholderReqComment}} provides a comment for those "desirements" identified by the in [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:15_summary:start&do=edit | White Paper]] and identified by the [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:15_summary:start | OMG's White Paper Analysis]] relating to [[cbdc:public:cbdc_omg:8_append:20_glossary:cbdc]] Stakeholders. See: Table {{ref>stakeholderReq}}.

<table shareholderReqComment>
<caption>List of //"desirements"// that allude to **stakeholders**</caption>
|< 100% 5% 45% 50%->|
^ Desirement No.  ^ Desirement Text  ^ Comment  ^
^ B0006 ^ Provide broad support from key stakeholders| <WRAP>
This is the reason to include this section  in a CBDC effort. 
</WRAP>|
^ B0009 ^ Provide faster and cheaper payments (including cross-border payments) | <WRAP>
This requires the CBDC to have interaction with Authorities from [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#us_federal_government_oversight_authorities| U.S. Federal Government Oversight Authorities]] and [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#non-us_federal_government_oversight_authorities| non-U.S. Federal Government Oversight Authorities]], making them Stakeholders.
</WRAP>|
^ B0015 ^ Reduce cross-border costs to benefit: <WRAP>
  : 1. economic growth
  : 2. enhance global commerce
  : 3. improve international remittances
  : 4. reduce inequality
</WRAP>| <WRAP>
See **''B0009''**. This requires the CBDC to have interaction with Authorities from [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#us_federal_government_oversight_authorities| U.S. Federal Government Oversight Authorities]] and [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#non-us_federal_government_oversight_authorities| non-U.S. Federal Government Oversight Authorities]], making them Stakeholders.
</WRAP>|
^ B0020 ^ Maintain public confidence by not requiring mechanisms, such as deposit insurance  | <WRAP>
In order to instill public confidence in a CBDC, the public needs to be included as Stakeholders.
</WRAP>|
^ B0026 ^ Provide a bridge between legacy and new payment services  | <WRAP>
In order to successfully bridge between the legacy and new payment services, the CBDC needs to work with existing [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#us_federal_government_oversight_authorities| U.S. Federal Government Oversight Authorities]] as Stakeholders. 
</WRAP>|
^ B0029 ^ Support basic purchases of: <WRAP>
  : 1. goods
  : 2. services
  : 3. pay bills
  : 4. pay taxes 
</WRAP>| <WRAP>
  : 1. goods - Requires the active participation of the retail sector as a Stakeholder
  : 2. services - This should be covered under existing Intermediaries as Stakeholders
  : 3. pay bills - This should be covered under existing Intermediaries as Stakeholders
  : 4. pay taxes - This might require the inclusion of the U.S. Treasuries Internal Revenue Service (IRS) as a stakeholder
</WRAP>|
^ B0035 ^ Streamline cross-border payments by using: <WRAP>
  : 1. new technologies 
  : 2. introducing simplified distribution channels
  : 3. creating additional opportunities for cross-jurisdictional collaboration and interoperability
</WRAP>| <WRAP>
  : 1. new technologies - Requires the inclusion of the new and emerging technology business areas (i.e., Stablecoins) as Stakeholders 
  : 2. introducing simplified distribution channels - Requires the participation of the existing Intermediaries as Stakeholders
  : 3. creating additional opportunities for cross-jurisdictional collaboration and interoperability - See **''B0009''**. This requires the CBDC to have interaction with Authorities from [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#us_federal_government_oversight_authorities| U.S. Federal Government Oversight Authorities]] and [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#non-us_federal_government_oversight_authorities| non-U.S. Federal Government Oversight Authorities]], making them Stakeholders.
</WRAP>|
^ B0037 ^ Support private-sector innovation | <WRAP>
Requires the inclusion of the new and emerging technology business areas (i.e., Stablecoins, Blockchains, DIDOs, etc. ) as Stakeholders 
</WRAP>|
^ B0038 ^ Allow private-sector innovators to focus on: <WRAP>
  : 1. new access services
  : 2. distribution methods
  : 3. related service offerings 
</WRAP>| <WRAP>
Requires all the private-sector innovators to participate as Stakeholders
</WRAP>|
^ B0041 ^ Support streamlining cross-border payments  | <WRAP>
See **''B0009''**. This requires the CBDC to have interaction with Authorities from [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#us_federal_government_oversight_authorities| U.S. Federal Government Oversight Authorities]] and [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#non-us_federal_government_oversight_authorities| non-U.S. Federal Government Oversight Authorities]], making them Stakeholders.
</WRAP>|
^ B0043 ^ Promoting financial inclusion—particularly for economically vulnerable households and communities | <WRAP>
This would require U.S. Government Departments and Agencies with a Charter to help the economically vulnerable be considered Stakeholders. For Example, see: [[https://www.usa.gov/benefits#item-211654 | U.S. Gov]].

  : 1. Benefits and Financial Assistance from the Government
  : 2. How to Apply for Unemployment Benefits
  : 3. Food Stamps (SNAP Food Benefits)
  : 4. Welfare or Temporary Assistance for Needy Families (TANF)
  : 5. Medicaid and Children's Health Insurance Program (CHIP)

It might also require the inclusion of Social Security and Medicare.

  : 1. Social Security Administration

</WRAP>|
^ B0045 ^ Enable rapid and cost-effective payment of taxes | <WRAP>
This should require the inclusion of the U.S. Treasuries Internal Revenue Service (IRS) as a Stakeholder.
</WRAP>|
^ B0046 ^ Enable rapid and cost-effective delivery of:<WRAP>
  : 1. wages 
  : 2. tax refunds
  : 3. other federal payments
</WRAP>| <WRAP>
  : 1. wages - This should be covered under existing Intermediaries as Stakeholders.
  : 2. tax refunds - This should require the inclusion of the U.S. Treasuries Internal Revenue Service (IRS) as a Stakeholder.
  : 3. other federal payments - See **''B0013''**.
</WRAP>|
^ B0051 ^ Generate data about users’ financial transactions similarly to current Commercial Bank((
Commercial banks include banks licensed either by federal or state banking agencies, credit unions, and thrifts from the **White Paper&**.
)) and [[cbdc:public:cbdc_omg:8_append:20_glossary:nonbank_money]] | <WRAP>
See: [[cbdc:public:cbdc_omg:04_doc:15_common:45_privacy:start| National Privacy Considerations]].
</WRAP>|
^ B0052 ^ Prevent Financial money laundering crimes | <WRAP>
This would require [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#us_federal_government_oversight_authorities| U.S. Federal Government Oversight Authorities]] as Stakeholders.
</WRAP>|
^ B0053 ^ Provide resiliency to threats to existing payment services—including: <WRAP>
  : 1. operational disruptions
  : 2. cybersecurity risks 
</WRAP>| <WRAP>
[[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:f:fema | Federal Emergency Management Agency (FEMA) ]] is the agency that provides most of the relief and coordination during Natural Disasters making them a Shareholder in a CBDC.
</WRAP>|
^ P0006 ^ Garner broad support from key stakeholders | <WRAP>
This is the reason to include this section in a CBDC effort. 
</WRAP>|
^ P0011 ^ The Federal Reserve does not intend to proceed with the issuance of a CBDC without clear support from the Executive Branch and Legislative Branch, ideally in the form of a specific authorizing law.| <WRAP>
This makes the **Executive Branch** and the **Legislative Branch** Stakeholders in the CBDC.
</WRAP>|
^ P0017 ^ The PWG report recommends CBDC complement existing authorities regarding: <WRAP>
  : 1. market integrity
  : 2. investor protection
  : 3. illicit finance 
</WRAP>| <WRAP>
This would require [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#us_federal_government_oversight_authorities| U.S. Federal Government Oversight Authorities]] as Stakeholders
</WRAP>|
^ P0020 ^ The private sector would offer accounts or digital wallets to facilitate the management of CBDC holdings and payments | <WRAP>
This includes both the current Intermediaries and Entrepreneurs to be included as Stakeholders.
</WRAP>|
^ P0021 ^ The intermediaries would operate in an open market for CBDC services | <WRAP>
To create an open market, the intermediaries would have to publish and adhere to standards. This would mean one or more [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:s:sdo | Standards Developing Organization (SDO)]] need to be included as Stakeholders. 
</WRAP>|
^ P0023 ^ CBDC would need to be readily transferable between customers of different intermediaries | <WRAP>
See: **''P0021''** and [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:s:sdo | Standards Developing Organizations (SDOs)]].
</WRAP>|
^ P0025 ^ CBDC intermediary would need to verify the identity of a person accessing CBDC | <WRAP>
This includes the current Intermediaries as Stakeholders
</WRAP>|
^ P0028 ^ Require significant international coordination to address issues such as:<WRAP> 
  : 1. common standards
  : 2. infrastructure, 
  : 3. the types of intermediaries able to access any new infrastructure,
  : 4. legal frameworks
  : 5. preventing illicit transactions
  : 6. the cost and timing of implementation
</WRAP>| <WRAP>
  : 1. common standards - See: [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:s:sdo | Standards Developing Organization (SDO)]] as Stakeholders.
  : 2. the types of intermediaries able to access any new infrastructure make the intermediaries Stakeholders.
  : 3. legal frameworks - See: [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:s:sdo | Standards Developing Organization (SDO)]] as Stakeholders.
  : 4. preventing illicit transactions - See: [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#us_federal_government_oversight_authorities| U.S. Federal Government Oversight Authorities]] as Stakeholders.
</WRAP>|
^ P0031 ^ The Federal Reserve would only pursue a CBDC in the context of broad public and cross-governmental support | <WRAP>
This requires a broad Stakeholder Base to participate in a transparent CBDC consortium that has policies and procedures that are well documented, fair and equitable.
</WRAP>|
^ R0001 ^ **Risk** of affecting financial-sector market structure | <WRAP>
This includes the current Intermediaries as Stakeholders.
</WRAP>|
^ R0005 ^ New payment services could pose **Risks** to: <WRAP>
  : 1. financial stability
  : 2. payment system integrity
  : 3. other **Risks** 
</WRAP>| <WRAP>
This includes the current Intermediaries and [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#us_federal_government_oversight_authorities| U.S. Federal Government Oversight Authorities]] as Stakeholders.
</WRAP>|
^ R0018 ^**Risk** a CBDC could fundamentally change the structure of the U.S. financial system, altering private sector and central bank:<WRAP>
  : 1. roles
  : 2. responsibilities
</WRAP>| <WRAP>
This includes the current Intermediaries and [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#us_federal_government_oversight_authorities| U.S. Federal Government Oversight Authorities]] as Stakeholders.
</WRAP>|
^ R0020 ^ **Risk** that interest-bearing CBDC could result in a shift away from other low-risk assets, such as shares in money market mutual funds, Treasury bills, and other short-term instruments. | <WRAP>
This includes the current Intermediaries and [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#us_federal_government_oversight_authorities| U.S. Federal Government Oversight Authorities]] as Stakeholders.
</WRAP>|
^ R0021 ^ **Risk** of reducing credit availability or raise credit costs for businesses and governments | <WRAP>
This includes the current Intermediaries and [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#us_federal_government_oversight_authorities| U.S. Federal Government Oversight Authorities]] as Stakeholders.
</WRAP>|
^ R0023 ^ **Risk** of financial panic causing outflows from Commercial Banks to CBDC without prudential supervision, government deposit insurance, and access to central bank liquidity | <WRAP>
This includes the current Intermediaries and [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#us_federal_government_oversight_authorities| U.S. Federal Government Oversight Authorities]] as Stakeholders.
</WRAP>|
^ D0001 ^ **Design** should be for a non-interest-bearing CBDC, for example, would be less attractive as a substitute for commercial bank money | <WRAP>
This includes the current Intermediaries and [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#us_federal_government_oversight_authorities| U.S. Federal Government Oversight Authorities]] as Stakeholders.
</WRAP>|
^ D0004 ^ **Design** should influence how the Federal Reserve might affect monetary policy | <WRAP>
This includes the current Intermediaries and [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#us_federal_government_oversight_authorities| U.S. Federal Government Oversight Authorities]] as Stakeholders.
</WRAP>|
^ D0005 ^ **Design** could affect monetary policy implementation and interest rate control by altering the supply of reserves in the banking system | <WRAP>
This includes the current Intermediaries and [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#us_federal_government_oversight_authorities| U.S. Federal Government Oversight Authorities]] as Stakeholders.
</WRAP>|
^ D0009 ^ **Design** should allow for significant foreign demand for CBDC, furthering complicate monetary policy implementation | <WRAP>
See: **''B0009''**. This requires the CBDC to have interaction with Authorities from [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#us_federal_government_oversight_authorities| U.S. Federal Government Oversight Authorities]] and [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#non-us_federal_government_oversight_authorities| non-U.S. Federal Government Oversight Authorities]], making them Stakeholders.
</WRAP>|
^ D0010 ^ **Design** should consider the potential for interest-bearing CBDC as a new policy tool on the channels of influence in monetary policy | <WRAP>
This includes the current Intermediaries and [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#us_federal_government_oversight_authorities| U.S. Federal Government Oversight Authorities]] as Stakeholders.
</WRAP>|
^ D0011 ^ **Design** should generate data about users’ financial transactions in the same ways that commercial bank and nonbank money generates data today | <WRAP>
See: [[cbdc:public:cbdc_omg:04_doc:15_common:45_privacy:start| National Privacy Considerations]]
</WRAP>|
^ D0012 ^ **Design** should address privacy concerns by leveraging existing tools already in use by intermediaries | <WRAP>
This includes the current Intermediaries and [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#us_federal_government_oversight_authorities| U.S. Federal Government Oversight Authorities]] as Stakeholders.
</WRAP>|
^ D0013 ^ **Design** should facilitate compliance with a robust set of rules already intended to combat <WRAP>
  : 1. money laundering
  : 2. the financing of terrorism
  : 3. customer due diligence
  : 4. record keeping
  : 5. reporting requirements
</WRAP>| <WRAP>
This requires the continued coordinated efforts of the [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#us_federal_government_oversight_authorities| U.S. Federal Government Oversight Authorities]] as Stakeholders.
</WRAP>|
^ D0014 ^ **Design** should involve private-sector partners with established programs to help ensure compliance with existing rules | <WRAP>
This includes the current Intermediaries as Stakeholders.
</WRAP>|
^ D0015 ^ **Design** should include any dedicated infrastructure required to provide a resilience to threats such as operational disruptions and cybersecurity risks | <WRAP>
This includes the current Intermediaries and [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start#us_federal_government_oversight_authorities| U.S. Federal Government Oversight Authorities]] as Stakeholders.
</WRAP>|
^ D0016 ^ **Design** should include offline capabilities to help with operational resilience of the payment system  | <WRAP>
[[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:f:fema | Federal Emergency Management Agency (FEMA) ]] is the agency that provides most of the relief and coordination during Natural Disasters making them a Shareholder in a CBDC.
</WRAP>|
^ D0017 ^ **Design** should include digital payments in areas suffering from large disruption, such as natural disasters | <WRAP>
[[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:f:fema | Federal Emergency Management Agency (FEMA) ]] is the agency that provides most of the relief and coordination during Natural Disasters making them a Shareholder in a CBDC.
</WRAP> |
</table>


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