Federal Reserve Chair Jerome Powell said Thursday that the government is exploring the possibility of issuing a new type of digital currency amid the rise of cryptocurrencies.
Powell said that the Federal Reserve would be publishing a discussion paper sometime during the summer of 2021 that would focus on the possible creation of a central digital bank currency (CDBC). He said that the move was “the beginning of what will be a thoughtful and deliberative process.”
“Today we are in the midst of a technological revolution that is fundamentally changing our world, reshaping how we communicate, access information and purchase goods and services,” Powell said in a video message. “As the central bank of the United States, the Federal Reserve is charged with promoting monetary and financial stability and the safety and efficiency of the payment system.”
