A major risk confronting the U.S. CBDC is the lack of Stakeholders' “buy-in”. The Stakeholders for a U.S. CBDC is far beyond just the Federal Reserve. The definition is applied to the U.S. CBDC is a large and spreading network of other U.S. Government Departments and Agencies, the current financial institutions that participate in the U.S. Finacial system, the U.S. Executive and Legislative Branches of the U.S. Government, international governments and institutions, the citizens and residents of the U.S, and for that matter, almost everyone on the planet since the U.S. Dollar is the dominate Reserve Currency. Obviously, it is not possible to invite everyone to sit down at a table and have discussions about a U.S. CBDC. Most people will rely on elected officials, government organizations, etc. to represent them.
In the Object Management Group's (OMG) CBDC WG response, we tried to help enumerate the U.S. CBDC in section 4.1 Stakeholders. Table 1 is a summary of the list identified so far that could be considered potential Stakeholders.
Although a U.S. CBDC is something new, it will also be part of the U.S. monetary system that is already established. The U.S. population relies on the monetary system and has expressed its aspirations for the monetary system through laws and regulations already in effect to control the monetary system. These laws and regulations have evolved since the founding of the U.S. and are generally a response to negative impacts on the U.S. people. Therefore, a major way to include the people as Stakeholders is to follow the laws and regulations of the U.S. The same can be said for the potential international stakeholders who rely on international treaties and agreements between the U.S. and their countries.
In the Object Management Group's (OMG) CBDC WG response, we tried to enumerate the U.S. and U.S. State laws and regulations that are concerned with Privacy in section 4.4 National Privacy Considerations. Table 2 is a summary of the list of Laws and Regulations identified so far for the U.S. and U.S. State laws covering Privacy.
Here are some examples of “resistance” to a U.S. CBDC from potential stakeholders: