The Federal Reserve chairman says a digital dollar is „something we really need to explore as a country.” Fed plans recommendation to Congress on CBDC „at some point”.

Federal Reserve Chairman Jerome Powell said that the U.S. central bank plans to recommend to Congress how to advance a potential central bank digital currency (CBDC), according to Coindesk.

When asked about the Fed’s next steps regarding the rollout of a CBDC, Powell told U.S. lawmakers in a Thursday monetary-policy hearing that “it’s something we really need to explore as a country” and that “it should not be a partisan thing.”

“It’s a very important potential financial innovation that will affect all Americans,” he said. “Our plan is to work on both the policy side and the technological side in coming years and come to Congress with a recommendation at some point.”