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The Federal Reserve System is going to reveal this summer a discussion paper on the possibility of issuing a US central bank digital currency (CBDC), according to a press release published by the regulator. The paper will reportedly complement the Fed's research that is already in process.

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"Today we are in the midst of a technological revolution that is changing our world," Federal Reserve Board Chair Jerome Powell said in a video message

The Fed head claims the key focus so far is on whether and how a CBDC could improve on an already "safe, effective, dynamic, and efficient US domestic payments system." Powell also says CBDC could serve as a complement to, and "not a replacement of," fiat money.

US Crypto Exchanges Experience Technical Issues as Fed Faces Outage

As iHodl earlier reported, employees at the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology plan to complete their work related to a prototype of a CBDC by July this year. In August 2020, it was reported that the institutions were working on the development of a digital dollar. The project participants then announced they intended to create a "mechanism and software that meets the needs" of a CBDC for a country the size of the United States.

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