Powell announces forthcoming CBDC paper

Jerome Powell
Federal Reserve

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

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