The Federal Reserve is looking into developing a digital currency in the US

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US central bankers have explored the possibility of developing a digital currency that would be directly available to businesses and households, Federal Reserve Chairman Jerome Powell confirmed to lawmakers this week.

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A digital currency backed by the central bank in the largest economy would be unprecedented and raise a host of legal and operational questions. Powell said it would be closely considered by policymakers but added that the US could be in some ways better positioned than other countries that have looked into such a proposal.

"We are carefully monitoring the activities of other central banks to identify potential benefits that may be relevant in the U.S. context," he wrote. "To date, our observation is that many of the challenges they hope to address do not apply to the U.S."

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