Credit unions warn about the cost of developing a CBDC
A lobby group suggests supporting the credit union engagement instead, applicating consumer protection rights to digital assets holders. A United States-based lobbying group has raised a voice against developing a central bank digital currency (CBDC) in the United States. The National Association of Federally-Insured Credit Unions (NAFCU) believes the project’s cost outweighs the “hypothesized benefits.”In a public letter to the U.S. Commerce Department, dated Tuesday, Andrew Morris, the senior counsel for research and policy at NAFCU, claimed that the costs would outweigh the benefits and....
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Glenbrook and PSCU have released a white paper “Blockchain and the Credit Union - The Asset Transfer Revolution.” The authors hope that this white paper will shape the future use of the Blockchain in the credit union industry. PSCU has been providing traditional as well as online services to credit unions, representing at least 800 credit unions. Glenbrook is a payments industry strategy consulting and research firm. Credit unions have an important role to play in the world of finance. They are a service provider whose primary motivation is the satisfaction of their members, rather than....