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The Federal Reserve Details Research Progress Surrounding Central Bank Digital Currencies
Summary: The Federal Reserve announced details of its research progress surrounding central bank digital currencies (CBDCs) in an announcement on Thursday, August 13. The announcement highlighted that the Federal Reserve is researching central bank digital currencies to understand the risks and opportunities surrounding adoption of the technology. Federal Reserve Board Governor Lael Brainard highlighted that the ...
The Federal Reserve announced details of its research progress surrounding central bank digital currencies (CBDCs) in an announcement on Thursday, August 13.
The announcement highlighted that the Federal Reserve is researching central bank digital currencies to understand the risks and opportunities surrounding adoption of the technology. Federal Reserve Board Governor Lael Brainard highlighted that the global importance of the dollar means the Federal Reserve must stay ahead of global research developments surrounding CBDCs.
The announcement states that there is a broad set of projects underway within the Reserve system to explore CBDCs. These projects are largely led by The Federal Reserve Board's Technology Lab (TechLab), a multidisciplinary team composed of Board and Federal Reserve Bank staff with expertise in payments, economics, law, information technology, and computer science.
The current research is only looking into relevant technologies, rather than developing a prototype or addressing policy concerns surrounding the issuance of a CBDC.
By Emily Mason
Tags: CBDCs,Federal Reserve
Link: The Federal Reserve Details Research Progress Surrounding Central Bank Digital Currencies [Copy]
