What additional potential benefits of a Central Bank Digital Currency (CBDC) may exist that have not been raised in this paper?
1. Development of a near real-time payment network with:
2. Development of a bridge between the existing Automated Clearing House (ACH) Network and the new U.S. CBDC Network
3. Development of a new standardized Application Programming Interface (API) to connect the outside world to the newly enhanced combined ACH Network and CBDC Network for the existing intermediaries to use for transfers
Figure 1 provides a very simplistic overview of how a Dual ACH/CBDC network might work. The intention is to build onto the existing financial system already in place but to allow an option to use a U.S. CBDC probably built as a Stablecoin. The Existing Intermediaries would still fulfill their existing roles while providing an option to use a CBDC network to transfer the money. The existing validation and verification for the number of transactions, the quantity of money transferred, and all of the checks for criminal activity and assurance for privacy would stay in place.