On a recent appearance on CBS’ “60 Minutes,” Federal Reserve Chair Jerome Powell said the central bank is involved in a large-scale research and development project on the digital dollar, per Bloomberg.
“Understanding the technology and the possibilities so that you can really address the policy issues” were paramount to the study, he said.
At this point in time, it is just a study, he stressed, but Powell noted that “it would be an important step if we were to do this” in the interview and Bloomberg notes that “any introduction of a new currency format would require congressional input.”
This article was written by Craig Torres and originally published on Bloomberg. A subscription may be required.
