We would need to consider whether adding a new form of central bank liability would reduce operational vulnerabilities from a safety and resilience perspective. Another consideration is whether a CBDC would reduce complexity in payments, improve endto-end processing, or simplify recordkeeping.
With regard to cross-border payments, it is important to consider what would be required in terms of cross-border cooperation for CBDCs to address current frictions and reduce costs. It is also vital to consider the implications for the broader financial system of the issuance of a CBDC.