Fed to Launch CBDC Review as Early as This Week: Report

Read the original article by: Jamie Crawley here

Officials at the Fed are set to release a paper soliciting public comment on a central bank digital currency.

This week will bring the long awaited review on the government position regarding CBDC’S. The decision is not thought to be coming quickly due to congress’s jumbled opinions on the space. A central bank digital currency (CBDC) is the virtual format of a fiat currency for a particular nation or region. The report was originally expected to come in September, Jerome Powell stated on the 22nd that one was coming soon, with one caveat. The decision would only be made if the “clear and tangible benefits that outweigh any costs and risks,”. Powell has been at the forefront of the developmental talks of the digital dollar, calling it “critical work”, and it would require stringent legislation from Congress to proceed.