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This is a must-read article to understand one point: CBDCs will allow citizens to bypass commercial banks in order to hold digital currency accounts directly with the Federal Reserve. This is profound because it risks driving all peripheral banks, S&Ls and credit unions out of business; it also takes Constitutional authority away from the Senate to regulate currency and coinage. Few are talking about this, but the WSJ has just put it in your face!

This is a balanced policy view of Central Bank Digital Currencies. There is no doubt that CBDCs are coming, but how they manifest will be full of twists and turns. Even though central banks are generally shepherded by the Bank for International Settlements, each bank is heavily flavored by national interests of individual states.