The Federal Reserve will publish a paper later this year outlining its thinking on the benefits and risks of a US central bank digital currency, chairman Jerome Powell has announced.
On May 20, Powell said any potential CBDC would need to be a complement to cash and current private-sector digital forms of the dollar, such as deposits at commercial banks.
“The paper represents the beginning of what will be a thoughtful and deliberative process,” Powell said. This is the first formal announcement Powell has made about the central bank’s CBDC efforts.
Read more: https://www.centralbanking.com/fintech/cbdc/7836256/powell-announces-forthcoming-cbdc-paper
