Insight - A digital dollar is years away as Fed kicks issue to Congress

The US central bank on Thursday released a much-anticipated paper on the pros and cons of adopting a digital dollar, a digital version of cash in your pocket, in which it refused to take a stance and said Congress should decide the matter.

WHILE the Federal Reserve’s (Fed) paper on potentially adopting a central bank digital currency (CBDC) will advance debate in Washington, its decision to kick the issue to Congress means an official US digital dollar is still several years away.

The US central bank on Thursday released a much-anticipated paper on the pros and cons of adopting a digital dollar, a digital version of cash in your pocket, in which it refused to take a stance and said Congress should decide the matter.