The Federal Reserve took a key step in weighing the creation of its own digital currency, a move it said could help ensure the U.S. dollar’s dominance as the central bank grapples with fast-growing private cryptocurrencies and coins issued by other nations.
The central bank made no firm conclusions on whether issuing such a currency was prudent and in any case said it doesn’t intend to proceed without support from the White House and Congress — so it’s not likely a U.S. digital dollar will be issued anytime soon. But the 35-page discussion paper issued Thursday on a government-backed coin, known as a central bank digital currency or CBDC, marks the Fed’s most significant action yet as it seeks to dive deeper into digital assets.
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