Fed’s Powell: Digital Dollar May Require Some Congressional Approval

by Reuters Staff

(Reuters) – Federal Reserve Chair Jerome Powell on Wednesday said some form of congressional authorization may be needed for the central bank to proceed with any development and roll-out of a digital version of the U.S. dollar.

The Fed expects this year to be an important one for the development of a digital U.S. currency, Powell said in response to a lawmaker’s questions during testimony before the House Financial Services Committee, especially in its engagement with the U.S. public on the matter.

The Fed and a number of other monetary authorities and governments around the world are working to develop digital versions of their so-called fiat currencies, partially in response to the rapid growth of alternatives such as bitcoin.

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