The Federal Reserve plans to release research on whether the US should start developing a central bank digital currency (CBDC) or not, Fed Chair, Jerome Powell, said on Wednesday, Reuters reports.
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Powell claims the regulator is working "proactively" to evaluate whether it should issue a CBDC and, if so, in what form. While it remains unclear at what stage the evaluation is, the Fed chair called not to hurry with the digital version of the US dollar.
"It is more important to do this right than to do it fast. We are the world's reserve currency and I think we are in a good place to make that analysis and to make that decision," he said.
Powell's statements comes amid the lack of a common position on the matter in the Fed. Federal Reserve Governor, Lael Brainard, for instance, earlier said that the US should keep up with the global trend for a CBDC if it wants to have a sustainable future. She also said she cannot wrap her head around the fact that the US still does not have its own digital currency as other countries like China are moving ahead with their CBDC.
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