Friday, December 3

Fed’s Powell says paper on central bank digital currency to be published soon

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The Federal Reserve will release research “soon” examining the costs and benefits of a central bank digital currency, or CBDC, Fed Chair Jerome Powell said on Wednesday.

“We’re working proactively to evaluate whether to issue a CBDC and, if so, in what form,” Powell said in a news conference following the conclusion of the Fed’s two-day policy meeting. The ultimate test that will apply, he said , is if there are “clear and tangible benefits that outweigh any costs and risks.” (Reporting by Jonnelle Marte Editing by Paul Simao and Leslie Adler)