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Fed Takes Key Step Toward U S Digital Coin Issuance
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The Federal Reserve took a key step in weighing the creation of its own digital currency, a move it said could help ensure the U.S. dollar’s dominance as the central bank grapples with fast-growing private cryptocurrencies and coins issued by other nations.
The central bank made no firm conclusions on whether issuing such a currency was prudent and in any case said it doesn’t intend to proceed without support from the White House and Congress -- so it’s not likely a U.S. digital dollar will be issued anytime soon. But the 35-page discussion paper issued Thursday on a government-backed coin, known as a central bank digital currency or CBDC, marks the Fed’s most significant action yet as it seeks to dive deeper into digital assets.
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The central bank made no firm conclusions on whether issuing such a currency was prudent and in any case said it doesn’t intend to proceed without support from the White House and Congress -- so it’s not likely a U.S. digital dollar will be issued anytime soon. But the 35-page discussion paper issued Thursday on a government-backed coin, known as a central bank digital currency or CBDC, marks the Fed’s most significant action yet as it seeks to dive deeper into digital assets.
Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.
Connect with us on…
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