Wells Fargo: US could launch digital currency in 3-5 years, but privacy concerns remain

Wells Fargo strategists estimate the US could design and launch a CBDC in 3-5 years, based on past timeline for FedNow.

Debate around a potential US CBDC will likely increase leading up to 2024 election.

Wells Fargo analysts say no strong case yet for why average Americans 'need' a CBDC.

CBDCs raise privacy concerns, but can also provide monetary intelligence to central banks.

Wells Fargo notes CBDCs are programmable - could be designed for privacy or tracking.