TechFlow news: John Reed Stark, former director of the SEC's Office of Internet Enforcement, posted on Twitter saying that creating a CBDC might be the most absurd financial idea in the history of monetary policy.
Stark believes that reliable and well-functioning digital currencies already exist, making CBDCs unnecessary. Secondly, CBDCs still pose countless risks and raise various critical policy issues, including how CIBC would affect the market structure of the financial sector, the cost and availability of credit, the security and stability of the financial system, and the effectiveness of monetary policy. Finally, the enormous costs and challenges associated with CBDCs simply cannot justify the risks and expenses involved in actually deploying them.
