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Would a central bank digital currency be a liability of the Federal Reserve?

A central bank digital currency would be a liability of the Federal Reserve, not a commercial bank, the Federal Reserve said. Although central bank digital currency is being studied, there have been no formal proposals for such a system in the U.S., and it would take congressional action to install one.

What is a central bank digital currency?

They are not related. A central bank digital currency is a digital form of central bank money that is widely available to the general public, according to the Federal Reserve. Most Americans already hold money in mostly digital form through bank accounts, apps and online transactions.

Is fednow the Federal Reserve studying a digital currency system?

Many social media users have falsely conflated FedNow with the Federal Reserve’s studying of a central bank digital currency system. They are not related. A central bank digital currency is a digital form of central bank money that is widely available to the general public, according to the Federal Reserve.

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