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A e-CNY symbol in the foreground with a 100 Yuan note and 100 Dollar bill in a collage behind it with a shot of the Federal Reserve building in the background.

AP; Belfer Illustration

Paper - Belfer Center for Science and International Affairs, Harvard Kennedy School

The Geopolitics of Digital Currency

| Jan. 21, 2022

The U.S. Federal Reserve, Treasury Department, and Congress have begun considering the viability of a Central Bank Digital Currency (CBDC), a legal tender national digital currency for consumer use. The national security implications of CBDCs are not yet central considerations for U.S. policymakers, but they should be.