In fact, the report also calls for the Bank for International Settlements (BIS) and the Financial Stability Board (FSB) to take the lead on establishing CBDC rules and standards around the world.

But like other advocates, the Bretton Woods Committee fails to adequately explain why a CBDC is needed in the first place.

The Same Debunked Arguments

To begin, the report makes the same arguments as others, claiming that a CBDC could increase the use of one currency over others in international trade, preserve monetary sovereignty, and achieve financial inclusion.