The Governor discussed two threshold questions that a policymaker needs to ask before deciding to move forward with a CBDC: 

(i) what problem is the policymaker trying to solve, and is a CBDC a potential solution? 

(ii) what features and considerations may a policymaker want to consider in deciding to design and adopt a CBDC?

She offered her perspective on the two questions and concluded with some thoughts about the imperative for future research on CBDCs and the potential future of CBDCs in the United States.

Liang was speaking at a conference at the Atlantic Council on the next steps in the future of money and payments.

Ms Yellen shared five lessons that apply from the opportunities and challenges posed by emerging technologies. 

These lessons relate to:

• the nature of responsible innovation, 
• the structure of appropriate guardrails, 
• the fundamentals of the financial system,
• role of the US in the global economy, and 
• the value of collaboration.

The paper summarises the current state of the domestic payments system and discusses the different types of digital payment methods and assets that have emerged in recent years, including stablecoins and other cryptocurrencies. 

It concludes by examining the potential benefits and risks of a CBDC, and identifies specific policy considerations.