The Federal Reserve took its first step toward more seriously examining issuing a central bank digital currency, releasing a report on Thursday that examines the idea’s potential costs and benefits and opening the door for public comment.
In a long-awaited report, the Fed avoided taking sides and set out a list of arguments for and against a digital currency, and posed questions that will shape the debate.
“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,” Jerome H. Powell, the Fed chair, said in a statement. Mr. Powell had previewed that a report would be forthcoming in May 2021.
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