The Federal Reserve is looking into developing a digital currency in the US, Powell confirms

Federal Reserve Chairman Jerome Powell speaks Monday, Oct. 7, 2019, in Salt Lake City, before the premiere of a film commemorating Marriner Eccles, who led the Fed from 1934 until 1948. Powell is stressing the importance of an independent central bank Associated Press

  • US central bankers have explored the possibility of developing a digital currency that would be directly available to businesses and households.
  • “We have assessed and we continue to carefully analyze the costs and benefits of pursuing such an initiative in the U.S.,” Federal Reserve Chairman Jerome Powell wrote in a letter to lawmakers this week.
  • In September, Reps. French Hill and Bill Foster said the central bank should consider a US-backed cryptocurrency to remain competitive.

US central bankers have explored the possibility of developing a digital currency that would be directly available to businesses and households, Federal Reserve Chairman Jerome Powell confirmed to lawmakers this week.

Read more here: https://markets.businessinsider.com/news/stocks/the-federal-reserve-is-looking-into-developing-digital-currency-us-2019-11-1028705211

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