Federal Reserve studies digital currency
 

Not sure if it wants to do it

The Federal Reserve is pushing ahead with its study into whether to implement its own digital currency and will be releasing a paper on the matter shortly,

Chairman Jerome Powell said no decision has been made on the matter yet, he added, and said the Fed does not feel pressured to do something quickly as other nations consider their own projects.

"I think it's important that we get to a place where we can make an informed decision about this and do so expeditiously", Powell said at his post-meeting news conference.

"I don't think we're behind. I think it's more important to do this right than to do it fast… the Fed is "working proactively to evaluate whether to issue a CBDC, and if so in what form."

The Boston Fed has taken point on the project, joining with MIT in an initiative on whether the central bank should establish its own digital coin targeted at making the payments system more effective. Fed Governor Lael Brainard has been a strong advocate of the effort, though several other officials, including Vice Chair for Supervision Randal Quarles, have cast doubts.

https://fudzilla.com/news/53586-fede...gital-currency