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Fed launches review of possible central bank digital currency
By Andrew Ackerman
The Wall Street Journal
Thursday, January 20, 2022
WASHINGTON—The Federal Reserve today launched a review of the potential benefits and risks of issuing a U.S. digital currency, as central banks around the world experiment with the potential new form of money to keep pace with private-sector payments innovations.
Fed officials have been divided on the matter, making it unlikely they will decide soon on whether to create a digital dollar. Unlike private cryptocurrencies like bitcoin, a Fed version would be issued by and backed by the U.S. central bank, a government entity, as are U.S. paper dollar bills and coins.
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The central bank described today’s long-awaited discussion paper as the first step in a debate of whether and how a U.S. digital dollar could improve the safe and effective domestic payments system. The paper doesn't favor any policy outcome, and the Fed said the release of the report isn’t meant to signal any imminent decision.
"We look forward to engaging with the public, elected representatives, and a broad range of stakeholders as we examine the positives and negatives of a central bank digital currency in the United States," Federal Reserve Chairman Jerome Powell said in a statement. ...
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