Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Fed to Publish Paper on Digital Currency This Summer

05/20/2021 | 12:14pm EDT

By Paul Kiernan

WASHINGTON -- The Federal Reserve said Thursday it plans to publish a discussion paper on the potential benefits and risks of issuing a U.S. digital currency, as central banks around the world experiment with the potential new form of money.

"The paper represents the beginning of what will be a thoughtful and deliberative process," Fed Chairman Jerome Powell said in a video message Thursday. He added that the Fed hasn't come to a conclusion on whether it will move forward with a digital currency but intends to seek public comment on the matter.

The idea of digital currencies issued by central banks is viewed with unease by many financial institutions, which worry the new form of money could disrupt their business models. Mr. Powell said a Fed-issued digital currency would ideally serve as a complement to, rather than a replacement for, cash and bank deposits.

"The design of a CBDC would raise important monetary policy, financial stability, consumer protection, legal, and privacy considerations and will require careful thought and analysis -- including input from the public and elected officials," Mr. Powell said.

Write to Paul Kiernan at paul.kiernan@wsj.com

(END) Dow Jones Newswires

05-20-21 1414ET

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.04% 0.73742 Delayed Quote.-4.28%
BRITISH POUND / US DOLLAR (GBP/USD) 0.13% 1.3923 Delayed Quote.1.52%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.09% 0.799 Delayed Quote.1.14%
EURO / US DOLLAR (EUR/USD) 0.06% 1.18517 Delayed Quote.-3.22%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.11% 0.013438 Delayed Quote.-1.96%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.01% 0.696 Delayed Quote.-3.02%
Latest news "Economy & Forex"
05:56pU.S. dollar, stocks dip as Fed keeps taper timing close to chest
RE
05:53pOil settles up near $75; sharp U.S. inventory drop counters virus worry
RE
05:34pZHEJIANG DAHUA TECHNOLOGY : Biden nominates Huawei prosecutor for key China export post
RE
05:34pDollar Gains 0.11% to 109.91 Yen -- Data Talk
DJ
05:34pThe WSJ Dollar Index Falls 0.21% to 87.09 -- Data Talk
DJ
05:34pSterling Gains 0.19% to $1.3903 -- Data Talk
DJ
05:33pEuro Gains 0.22% to $1.1844 -- Data Talk
DJ
05:29pMorgan Stanley raises pay for junior bankers, capital markets employees - source
RE
05:23pU.S. Senate sets Wednesday evening procedural vote on infrastructure bill
RE
05:16pU.S. looks to leverage African diaspora in trade with Africa
RE
Latest news "Economy & Forex"