(2) When the user shops at a merchant, CBDC is transferred to the merchant's terminal, etc. 5  Figure 6  Expected Roles for CBDC   Effectiveness on monetary policy  The level of interest rates applied to CBDC could work as the effective lower bound of interest rates for wide-ranging financial assets?
Doing so will ensure we do not unduly limit the development and potential future uses of the positive features of the crypto ecosystem. With that, I'd be happy to answer some questions. 1 The views expressed here are my own and do not necessarily reflect those of my  colleagues on the Board of Governors of the Federal Reserve System.