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The Fed is looking carefully at issuing a digital dollar, Chairman Jerome Powell tells Congress

Posted On: Mar 4, 2021   |   Posted By: Business Insider

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Federal Reserve Chairman Jerome Powell told Congress on Tuesday that it is looking carefully at issuing a digital US dollar. Powell called the potential digital dollar a "high priority" project, according to the testimony. The potential issuance of a digital dollar would come amid a surge in cryptocurrencies like bitcoin, which briefly surpassed $1 trillion in market value last week. Sign up here for our daily newsletter, 10 Things Before the Opening Bell Federal Reserve Chairman Jerome Powell told Congress on Tuesday that the Fed is "looking carefully" at whether it should issue a digital US dollar. A digital currency developed by the fed is a "high priority project for us," Powell told Congress, but he added that there are "significant technical and policy questions" related to a digital US dollar. "We are committed to solving the technology problems, and consulting very broadly with the public and very transparently with all interested constituencies as to whether we should do...

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