Federal Reserve Chairman: CBDC has not yet been developed, but has assessed and will continue to evaluate the cost and benefits of the program.

Federal Reserve Chairman Jerome Powell responded to questions raised by US representatives French Hill and Bill Fosters about whether the Fed plans to issue a national digital currency. In his letter, Powell explained the Fed's view on establishing CBDC and stressed that although the agency has not yet developed CBDC, it has assessed and will continue to evaluate the cost and benefits of the program. Powell revealed that the agency is conducting small, research-centered experiments to gain experience and better understand the opportunities and limitations of CBDC. Powell said that before the issuance of CBDC, the Fed must address some legal issues, including monetary and payment policies, financial stability, regulatory and operational issues, and its vulnerability to cyberattacks. Finally, Powell pointed out that in the development of CBDC, many design features should be considered, including the management of the liquidity of this currency, the need for the Fed's payment system to trade, and the anonymity of owning and trading CBDC.