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Federal Reserve to Release Research Paper on U.S. Digital Currency This Summer

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Thu, 05/20/2021 - 18:35
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Alex Dovbnya
Chairman Jerome Powell claims that central banks can benefit from tech innovations
Federal Reserve to Release Research Paper on U.S. Digital Currency This Summer
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The U.S. Federal Reserve is set to publish a research paper on a central bank digital currency this summer, Chairman Jerome Powell announced Thursday.

The paper will focus on assessing the benefits and risks of issuing a CBDC.

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Powell claims that the U.S. is “adapting” to advances in the payment sector, adding that central banks can take advantage of “new possibilities” offered by tech innovations:   

Our focus is on ensuring a safe and efficient payment system that provides broad benefits to American households and businesses while also embracing innovation

The Fed will be asking for public comment on the initiative before taking any further steps.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.