Is This a Retail CBDC or a Wholesale CBDC?

The New York Fed has launched a 12 week pilot program for a central bank digital currency. The American Bankers Association is concerned that the CBDC could be used to move money away from banks and into accounts at the Fed where funds cannot be lent back into the economy. Titus: There's lots of different ways that this can be implemented. And when and if we get caught warning of that thing, this is what it's going to be like.