This is a pretty good summary, but I do question what the Fed has to gain from a US digital currency. All of the “rationale” provided here boil down to “so the central banking system doesn’t ‘lose relevance.’” This argument doesn’t make sense to me at all. The Fed controls the supply and policy of money, so perhaps an instant digital currency would help them to implement their policies but is that really a concern of the Fed? This makes it seem like the Fed is worried about Venmo affecting the economy which I doubt it is. Given that the consequences of a shoddy or imperfect implementation would be catastrophic, it seems like something that would take decades of gradual movement.