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The Federal Reserve is considering issuing its own digital currency

 

According to reports, the Federal Reserve is moving forward with its investigation into whether the central bank should issue its own digital money. In a recent statement, Federal Reserve Chairman Jerome Powell stated that the central bank will release a report on the topic soon. The issue has been on the Federal Reserve's radar for more than a year, and the central bank announced in May that it would conduct a more thorough investigation. The Boston Federal Reserve has taken the lead on the project, collaborating with MIT on the initiative. A CBDC is approved if the "clear and tangible benefits outweigh any costs and risks," according to Federal Reserve Chairman Jerome Powell.

According to proponents, the advantages of a central bank digital currency include the ability to send payments quickly to people in times of crisis as well as the ability to provide services to the unbanked. When it comes to deciding whether or not to implement its own digital currency, Powell says the Fed is "in a good position."

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