====== 2.0 Methodology ======
[[cbdc:public:cbdc_omg:start| OMG's CBDC WG Responses to Federal Reserve Discussion Paper]]
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A brief overview of the methodology the OMG's CBDC WG used to formulate a response to the **White Paper**.
The U.S. [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:f:federal_reserve | Federal Reserve (Fed)]] published a 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,
The Federal Reserve System,
January 2022,
Accessed: 5 May 2022,
[[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf]]
)), which provided a discussion and analysis of [[cbdc:public:cbdc_omg:8_append:20_glossary:cbdc]], some possible designs to address CBDC, and some direct questions they posed to stakeholders about the possibility of adoption of CBDC by the U.S. Federal Reserve.
The [[https://www.omg.org/ | Object Management Group's ]] CBDC WG is responding to the questions posed by the White Paper. The OMG's CBDC WG response is based on a Systems Engineering approach, see Figure {{ref>methodology}}. The following briefly describes each step in the process:
The [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | White Paper]] was reviewed and its content was divided into two main sections:
1. A general discussion of what the Federal Reserve believes the CBDC needs to do is restated in terms of a matrix of Federal Reserve "Desirements" (i.e., [[cbdc:public:cbdc_omg:04_doc:12_summary:start| White Paper Analysis]]). These "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]]
)) are classified according to the four main objectives stated in the White Paper:
* [[cbdc:public:cbdc_omg:04_doc:12_summary:start#benefit_considerations| Benefit Considerations]]
* [[cbdc:public:cbdc_omg:04_doc:12_summary:start#policy_considerations| Policy Considerations]]
* [[cbdc:public:cbdc_omg:04_doc:12_summary:start#risk_considerations| Risk Considerations]]
* [[cbdc:public:cbdc_omg:04_doc:12_summary:start#design_considerations| Design Considerations]]\\
2. A set of questions for potential stakeholders to answer. Upon review of the answers to the questions,
: a. Some content was extracted and made into a set of [[cbdc:public:cbdc_omg:04_doc:15_common:start| Common Elements]] that have applicability to multiple answers to multiple questions. For example:
* [[cbdc:public:cbdc_omg:04_doc:15_common:05_stakeholder:start| Stakeholders]]
* [[cbdc:public:cbdc_omg:04_doc:15_common:08_currency_models:start| Currency Models]]
* [[cbdc:public:cbdc_omg:04_doc:15_common:30_stablecoins:start| Stablecoins]]
* [[cbdc:public:cbdc_omg:04_doc:15_common:45_privacy:start| National Privacy Considerations ]]
* [[cbdc:public:cbdc_omg:04_doc:15_common:48_natsec:start| National Security Considerations ]]
* [[cbdc:public:cbdc_omg:04_doc:15_common:50_international:start| International Considerations]]
* [[cbdc:public:cbdc_omg:04_doc:15_common:70_dualnets:start| Dual Payment Networks]]
: b. Each question's answer tried to have the same outline when formulating answers:
* Overview
* Examples
* Discussion of Examples
The results were then collated into a single OMG CBDC WG response that includes a set of overall recommendations
{{ :cbdc:public:cbdc_omg:04_doc:08_method:screen_shot_2022-05-17_at_4.10.42_pm.png?800 |}}
Overview of the OMG's CBDC WG Methodology used to answer the Federal Reserve Questions.
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