Fedcoin? The U.S. central bank is looking into it
FILE PHOTO: Federal Reserve Chairman Jerome Powell poses for photos with Fed Governor Lael Brainard at the Federal Reserve Bank of Chicago, in Chicago, Illinois, U.S., June 4, 2019. REUTERS/Ann Saphir
“By transforming payments, digitalization has the potential to deliver greater value and convenience at lower cost,” Brainard said in remarks prepared for delivery at the Stanford Graduate School of Business. The speech did not touch on interest rates or the current economic outlook. Central banks globally are debating how to manage digital finance technology and the distributed ledger systems used by bitcoin, which promises near-instantaneous payment at potentially low cost. The Fed is developing its own round-the-clock real-time payments and settlement service, and is currently reviewing 200 comment letters submitted about the project, she said.
Dozens of central banks globally are also doing such work, a recent international study showed, with China moving ahead on its plans to issue a digital coin.
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