Fed's Powell Says Looking Into Digital Dollar Is 'High Priority'

Law360 (February 23, 2021, 5:39 PM EST) -- Federal Reserve Chairman Jerome Powell told the Senate Banking Committee on Tuesday that research into the potential creation of a digital dollar is a "very high priority" at the central bank and that a decision on whether to extend temporary capital relief for the biggest banks is coming soon.

Appearing at a regular oversight hearing, Powell was asked whether the Fed should issue its own digital currency, a concept that Treasury Secretary Janet Yellen said during a public event on Monday could be a boon for financial inclusion and faster, cheaper payments.

Powell agreed that the idea holds promise and said...

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