Intermediated Model

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Under an Intermediated Model, the private sector would offer accounts or digital wallets to facilitate the management of CBDC holdings and payments. Potential intermediaries could include commercial banks and regulated Nonbank financial service providers, and would operate in an open market for cdbc services. Although commercial banks and nonbanks would offer services to individuals to manage their CBDC holdings and pay ments, the CBDC itself would be a liability of the Federal Reserve.

An Intermediated Model would facilitate the use of the private sector’s existing privacy and identity-management frameworks; leverage the private sector’s ability to innovate; and reduce the prospects for destabilizing disruptions to the well-functioning U.S. financial system.

Source: https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf