On January 20, 2022, the Board of Governors of the Federal Reserve System released a long-anticipated discussion paper regarding the potential development of a U.S. central bank digital currency, or “CBDC”. The paper examines the uses and functions, and potential benefits and risks, of a CBDC and requests comment from stakeholders on all aspects of CBDCs, including policy considerations and design. The paper indicates, however, that the Federal Reserve does not intend to make any “imminent” decisions about the appropriateness of a U.S. CBDC—and does not intend to act without clear support from the executive branch and Congress.