OMG's Response to Federal Reserve Discussion Paper

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<center style="font-size:35px"> <b>Object Management Group® (OMG®) Response to The US Federal Reserve's</b> </center> <br> <center style="font-size:25px"> <i>Money and Payments: The U.S. Dollar in the Age of Digital Transformation</i> </center> <br> <center> <i>Version 1.0</i> </center> <center> <i>20th May 2022</i> </center> <center style="font-size:12px"> R. W. “Nick” Stavros<br/> Ian T. Stavros<br/> Char Wales </center> <center style="font-size:10px"> <b><i>Jackrabbit Consulting</i></b> </center>

Disclaimer

This paper presents a discussion of technology issues considered in a Subgroup of the Object Management Group. The contents of this paper are presented to foster wider discussion on this topic; the content of this paper is not an adopted standard of any kind. This paper does not represent the official position of the Object Management Group.

Abstract

Members of the Object Management Group's (OMG) CBDC Working Group (WG) have produced a response to the Federal Reserve's White Paper “ Money, and Payments: The U.S. Dollar in the Age of Digital Transformation”. 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's 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 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”1) 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 ). Each of the “Desirements” was classified as being a Benefit , Policy , Risk , Designs Considerations, 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 Common Elements were identified and made into independent subsections for reuse in the formulation of the answers to multiple questions.

Book Contents

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Cover Letter

I. Front Matter

a. Cover Page

b. Legal Responsibility

c. Summary of Changes

d. Abstract

e. Copyright Notice

f. Contents

g. About Content Providers

h. Preface

II. Main Document

1.0 Introduction

2.0 Methodology

3.0 White Paper Analysis

4.0 Common Elements

5.0 Questions and Responses

6.0 Recommendations

III. Appendices

Appendix A: Acronyms

Appendix B: Glossary

Appendix C: Other Transaction Authority (OTA)

Appendix D: Model-Based Systems Engineering (MBSE)

V. Administrivia

Change Log

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