Federal Reserve Chair Jerome Powell says the central bank is evaluating the creation of a central bank digital currency, or CBDC. Powell said the Fed intends to publish a discussion paper on the subject shortly. The central bank said in May 2021 it would be conducting a deeper examination into a potential government-backed digital currency. Powell indicated any such decision would likely involve a “meeting of the minds” with the Biden administration and Congress. CBDC proponents say a designated legal tender could help avoid risks associated with the otherwise associated with decentralized cryptocurrencies.”]
Source: https://www.cuinfosecurity.com/fed-chair-says-central-bank-evaluating-digital-currency-a-17604