2021 paper from the same author, proposing 1-tier CBDC (direct accounts at the Fed), which could threaten thousands of US community banks. Meanwhile, China's CBDC is 2-tier, retaining their existing banking system. https://scholarship.law.vanderbilt.edu/cgi/viewcontent.cgi?a...

> Congress should authorize the Federal Reserve to give everyone-individuals, businesses, and institutions-the option to maintain accounts at the central bank. We call these accounts FedAccounts. Unlike the CBDC approaches currently under discussion, which would use complicated and inefficient distributed ledger technology and be walled off from the existing system of money and payments, FedAccounts would be seamlessly interoperable with the mainstream payment system, relying on technologies that the Federal Reserve has used for decades

A zero-fee digital currency that every business in the currency zone accepts and that enables instant payments and transfers is pretty much all I want.

I honestly don't understand why we don't have this yet. (euro area in my case). The entire private payments sector just seems like a rent-seeking industry to be honest. If a digital dollar/euro is disruptive to the private banking sector than honestly that just shows that they're not offering much in actual value.

The large banks are always the primary beneficiaries of US monetary policy. It's always been that way, officially at least, since 1913.