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9/23, 3:29 PM (Source: TeleTrader)
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Fed exploring options on digital currency - Mester

Federal Reserve Bank of Cleveland President Loretta Mester stressed on Wednesday that the central bank is considering offering its own digital currency, though no decisions have been made yet.

"A range of potential risks and policy issues surrounding central bank digital currency need to be better understood, and the costs and benefits evaluated," she said at the Chicago Payments Symposium, adding the demand for cash in the United States remains strong.

Meanwhile, Mester unveiled that legislation was proposed that "each American have an account at the Fed in which digital dollars could be deposited, as liabilities of the Federal Reserve Banks, which could be used for emergency payments" amid the coronavirus crisis.

Breaking the News / GA