- The Federal Reserve is partnering with MIT researchers to build and test a digital currency, central bank governor Lael Brainard said Thursday.
- The Fed hopes to gain a better understanding of digital currencies, their uses, and the potential implementation of a central bank digital currency, Brainard said at a conference sponsored by the San Francisco Fed.
- However, the study involves a “hypothetical” currency, Brainard said, adding that a “significant policy process” is needed for the Fed to issue its own digital coin.
- The study comes after numerous indications that the Fed was looking into such technology. Other central banks are making similar moves, and China’s own central bank is moving forward with the issuance of its own digital coin.
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