11 With respect to the United States, no decision has been made about whether or not a central bank digital currency will be issued. - 10 But while innovation and competition can reduce costs in finance, some costs are necessary to keep the system safe. 12 Intermediaries earn revenues in exchange for safely providing important services.
Free Banking (1837-1863) The intense political controversy over the charter renewal of the Second Bank of the United States and the wave of bank failures following the panic led many states to fundamentally reconsider their approach to banking regulation.