(Washington: Board of Governors of the Federal Reserve System, December 2021), https://www.federalreserve.gov/aboutthefed/files/the-fed-explained.pdf#page=91. 11  -6U.S. CBDC. 12 The paper does not advance any specific policy outcome and does not signal that the Board will make any imminent decisions about the appropriateness of issuing a U.S. CBDC.
It lays out four CBDC design principles that analysis to date suggests would best serve the needs of the United States if one were created.