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FED PREPARES TO LAUNCH REVIEW OF POSSIBLE CENTRAL BANK DIGITAL CURRENCY


OFFICIALS WILL RELEASE A PAPER AND SOLICIT PUBLIC COMMENT, BUT ARE UNLIKELY TO
DECIDE SOON ON GOVERNMENT-BACKED CRYPTOCURRENCY

Why the Fed Is Considering a Digital Dollar
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Why the Fed Is Considering a Digital Dollar

The Federal Reserve is trying to figure out how to keep cash relevant in a
cashless world. It’s considering digitizing the U.S. dollar, giving people money
they can access on their phone and bypassing electronic payments that can be
slow and costly for businesses. Illustration: Jacob Reynolds/WSJ
By
Andrew Ackerman
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ANDREW ACKERMAN

 * Biography
 * @amacker
 * andrew.ackerman
 * andrew.ackerman@wsj.com

Oct. 4, 2021 5:30 am ET

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WASHINGTON—The Federal Reserve plans as early as this week to launch a review of
the potential benefits and risks of issuing a U.S. digital currency, as central
banks around the world experiment with the potential new form of money.

Fed officials are divided on the matter, making it unlikely they will decide any
time soon on whether to create a digital dollar. Unlike private cryptocurrencies
like bitcoin, a Fed version would be issued by and backed by the U.S. central
bank, a government entity, as are U.S. paper dollar bills and coins.

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