Fed Chairman Powell: Exploring the development of the central bank's digital currency and its possible problems and risks

On November 20th, the US Federal Reserve System (Federal Federal Reserve) Jerome Powell responded to US Congressmans French Hill and Bill Fosters about whether to issue The national digital currency said that the Fed is exploring the development of the Central Bank Digital Currency (CBDC) and its possible problems and risks. In his letter, Powell explained the Fed's view on the establishment of CBDC, emphasizing that although the agency has not yet developed CBDC, it has assessed and continues to evaluate the cost and benefits of such a plan.