g. Preface

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This document is a response by the Object Management Group (OMG) to a White Paper published by the U.S. Federal Reserve (The Fed) on Money, and Payments: The U.S. Dollar in the Age of Digital Transformation1) Board of Governors, The Federal Reserve System, January 2022, Accessed: 5 May 2022, https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf .

Goals

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The OMG's goal in responding to the White Paper is:

Provide the Federal Reserve direct response to the 22 questions posed in the White PaperDemonstrate how a Systematic Approach can be used to move the U.S. CBDC response to the next level of developmentProvide some general information applicable to some subset (or all) of the questionsProvide traceability from the Desirments 2) 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: Desirement presented in the White Paper to answers given by the OMG members to the 22 questionsDemonstrate how the OMG Distributed Immutable Data Object (DIDO) Reference Architecture (DIDO-RA) can be used as a reference for the Federal Reserve Distribute Solutions such as Stablecoin Demonstrate to the Federal Reserve how the various Domain and Platform Special Interest Groups (SIGs), Working Groups, operating within the OMG can play a role creating Standards applicable to the U.S. CBDCProvide a list of recommendations to the Federal Reserve on “the next steps”

Audience

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The primary audience for the OMG response to the White Paper are first and format the authors of the White Paper. This not only includes the authors responsible for providing background information about the Federal Reserve position on a U.S. CBDC, but it also includes the individuals who put forward the 22 questions. However, the hope is that anyone at the Federal Reserve interested in a CBDC would find the OMG Response as good reference material.

The OMG members hope this content is freely shared by the Federal Reserve in the hopes that other respondents to the White Paper can use it as a reference and a place to start collaborating with other respondents and with the members of the Federal Reserve. Some of the content is specific to the Federal Reserve and to a U.S. CBDC, however, some of the content should be applicable to any other national CBDC being developed.

About this Docment

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This document can actually be thought of as to documents:

A PDF that contains all the content and can be viewed and reviewed by anyone with access to a PDF toolA WIKI that contains all the information in the PDF, but it is in a WIKI format. In actuality, the WIKI is used to generate the PDF. The document structure in the PDF or the WIKI is subdivided into three major subdivisions:

The Main Document is further subdivided into 6 major areas:

The Appendices are further subdivided into four major areas:

How To Use the WIKI Docment

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The PDF document made from this WIKI is around 350 pages, therefore, it is not recommended to print it out. The PDF is a “long, linear, document”, which is possible to read, but by its nature, it was not intended to be read from the beginning to the end. It is comprised of a series of WIKI pages that are put together into a document, but each page can be read as a stand-alone document that is linked via hyperlinks to the other sections of the document. The WIKI has only one purpose, to respond to the U.S. Federal Reserve (The Fed) published a White Paper on Money, and Payments: The U.S. Dollar in the Age of Digital Transformation1), which provided a discussion and analysis of cbdc and posted 22 questions for the community response. Since the response to each question should be stand-alone, the WIKI is recommended since each question has its own WIKI page or pages. These pages are linked back to the rest of the OMG responses for convenience and to restrict the about of duplicate material included in each response.

WIKI Content Struction

A summary of the Sections in the OMG Response

1.0 Introduction	A brief introduction into the problem space, The Federal Reserve and the White Paper and the Object Management Group.
2.0 Methodology	A brief overview of the methodology the OMG used to formulate a response to the White Paper.
3.0 White Paper Analysis	A breakdown of the White Paper discussion of a U.S. CBDC and the Desirements2) for that effort. Each Desirement is identified as to the page it was found on, its classification as a Benefit, Policy, Risks, Design, and a brief actionable statement.
4.0 Common Elements	During the review of the 22 questions posed in the White Paper it was decided that there were some common elements that needed to be separately addressed in order to not repeat the same information in the response to multiple questions.
5.0 Questions and Responses	The actual OMG response to the 22 direct questions posed in the White Paper. These are linked to other sections of the OMG response such as the Common Elements and also other questions. The OMG responded to all the questions, however, a few were felt to be beyond the scope of what the OMG members could respond to.
6.0 Recommendations	The OMG members wanted to make recommendations to the Federal Reserve for future activities in the area of a U.S. CBDC. They proposed 12 different direct actions or activities. One of these activities involves the use of RDT&E funding to explore eight specific topics.

WIKI Navigation

A primary advantage of the WIKI is its rich set of navigation tools. Figure gives a brief explanation of the navigation methods.

The various ways to navigate in the WIKI.

Ways to navigate in the WIKI (see )

Navigation Menu	The Navigation Panel appears on the left side of the window. You navigate to any WIKI section just by clicking on the green text.
+/- Expansion	The Navigation entries support a + and a - allowing for the contents of the section to be expanded or contracted.
Green Links to previous level	At each section within a WIKI page, there is a link either moving to the higher level in the tree or there it allows the navigation back to the top of the WIKI page.
Green Text links	All green text is a hyperlink allowing for the navigation to an internal location within the WIKI. Note: a Blue Hyperlink navigates externally out of the WIKI.
Search Bar	The entire contents of the WIKI can be searched by entering text in the Search Bar. A list of WIKI pages with the text in the title or WIKI pages that reference the text is displayed.
Browsing History (Breadcrumbs)	As the user surfs through the content of the WIKI, every page the user has visited appears here. This provides breadcrumbs allowing the user to return to previously viewed pages.
Revision History	A major benefit to the WIKI is that every WIKI page keeps its own history. Using this link allows for the Comparison/Review/Restoration of previous WIKI page content.
Backlinks	This provides a list of every WIKI page that references this WIKI page.
ODT Export	Exports the current WIKI page into an Open Office format (.odt)
PDF Export	Exports the current WIKI page into an Adobe format (.pdf)