A central bank digital currency, or CBDC, is far from reality in the US. The Fed has also said it would want approval from Congress before moving forward with a digital dollar. Read: Fed’s Bowman Doubts Benefits of US Central Bank Digital CurrencyThe idea of a digital dollar has already faced backlash from Wall Street and other banks, because lenders are worried about it acting as a direct competitor to private bank deposits. In a report published last year in response to a Federal Reserve discussion paper, Circle also warned that a digital dollar could “destabilize” the banking sector. The government has also indicated it would prefer to have private-sector intermediaries offer accounts and facilitate CBDC payments, rather than taking on that role itself.