===== 6.08 Instill Confidence in the CBDC =====
|< 100% >|
| [[cbdc:public:cbdc_omg:04_doc:90_recommend:start| Return to Recommendations ]] |
Provide Feedback
|
The [[https://www.omg.org/ | Object Management Group's (OMG) ]] CBDC WG recommends the Federal Reserve uses a Model-Based Systems Engineering (MBSE) and Unified Architecture Framework (UAF) approach for future CBDC efforts. The CBDC is a complex issue that, once released, could have a life expectancy of many, many years. Only through extensive Systems Analysis, Engineering, Design, and testing will CBDC have the stability it needs to instill confidence from the public.
Some of the potential requirements in the [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | White Paper]] as summarized by the [[https://www.omg.org/ | Object Management Group's ]] CBDC WG [[cbdc:public:cbdc_omg:04_doc:12_summary:start| White Paper Analysis]] reflect the need to instill public confidence (See Table {{ref>confidence}})
Some requirements in the White Paper that require the confidence of the public.
^ Statement No. ^ Page No. ^ Statement |
^ B0020 ^ 13 | Maintain public confidence by not requiring mechanisms, such as deposit insurance |
^ R0003 ^ 3 | **Risk** to the safety and stability of the financial system |
^ R0004 ^ 3 | **Risk** to the efficacy of monetary policy |
^ R0005 ^ 7 | New payment services could pose **Risks** to:
: 1. financial stability
: 2. payment system integrity
: 3. other **Risks**
|
^ R0011 ^ 11 | Increased **Risk** to consumer's vulnerability to:
: 1. loss
: 2. theft
: 3. fraud
|
/**=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-
/* To add a discussion page to this page, comment out the line that says
~~DISCUSSION:off~~
*/
~~DISCUSSION:on|Outstanding Issues~~
~~DISCUSSION:off~~