The Federal Reserve is looking into developing a digital currency in the US, Powell confirms
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In September, Representatives French Hill and Bill Foster said the central bank should consider a U.S.-backed cryptocurrency to remain competitive. U.S. central bankers have continued to explore the possibility of developing a digital currency that would be directly available to businesses and households, Federal Reserve Chairman Jerome Powell confirmed to lawmakers this week.
"We are carefully monitoring the activities of other central banks to identify potential benefits that may be relevant in the U.S. context," he wrote. "Our observation is that many of the challenges they hope to address do not apply to the U.S."
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