Federal Reserve is “looking very carefully” into a digital dollar

In his remarks for the Senate Banking Committee, Federal Reserve Chairman Jerome Powell mentioned that a digital dollar was a “high-priority” project.

However, at this stage, the central bank is still assessing the benefits of launching it as “significant” policy technical and policy issues are yet to be resolved:

We are looking very carefully about whether we should issue a digital dollar. As the reserve currency, we have the responsibility to get this right rather than be the first.

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