in Digital Currency

The US Federal Reserve begins looking into its own digital currency

This technology also offers new possibilities to central banks—including the Fed. In particular, it enables the development and issuance of central bank digital currencies, or CBDCs. A CBDC is a new type of central bank liability issued in digital form. While various structures and technologies might be used, a CBDC could be designed for use by the general public.

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At the same time, the Fed is likely trying to accelerate work toward a potential US digital currency as other nations, particularly China, are farther along. Last December, China announced that select users could spend digital yuan given out in a lottery-type experiment. Digital currency is seen as a way for a China to not just a way to bolster its own monetary system, but as a tool for soft power internationally.

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