Federal agencies issued nine reports on Friday for developing a central bank digital currency, also known as the digital dollar.
The Federal Reserve: What you need to know
The Fed acts as the lender of last resort to member institutions that have no alternatives to borrow from.WASHINGTON — Federal agencies issued nineThe move follows President Joe Biden’s March that urged the Federal Reserve to explore whether the central bank should create its own digital currency., central bank digital currencies, or CBDCs, differ from existing digital money available to the general public. CBDCs would be a direct liability of the Federal Reserve, not a commercial bank.released covered the impact of cryptocurrency on financial markets, innovation and other aspects of the economic system.
“These reports and their recommendations provide a strong foundation for policymakers as we work to realize the potential benefits of digital assets and to mitigate and minimize the risks,” Treasury Secretary Janet Yellen said in a
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