There is little to no explanation of why there are three different models used and no real explanation of when each is appropriate. Without clear guidance, this will continue to plague the U.S. CBDC effort.
Some of the “desirements” point to a Digitial Cash Model (see Table 1) and some point to a Digital Account Model (see Table 2). There also seems to be some confusion about what and how Stablecoins fit into the CBDC. Stablecoins are a variation of the Digital Account Model that use a backing of the U.S. CBDC “coins” by the U.S. Dollar (see Table 3).
It is not impossible for the U.S. CBDC to use some combination of all three of these, BUT a clear vision needs to be developed of how the three models for a U.S. CBDC can coexist or that only one model be selected. Without this, the U.S. CBDC effort will flounder and waste time, money, and effort in the different models working against each other.
|Policies and Considerations||P0004, P0027, P0029|
|Design||D0001, D0006, D0007, D0009|
|Digital Account Model||
|Benefits||B0016, B0017, B0021|
|Policy and Considerations||P0008, P0015, P0016|