The Fed this summer to move toward developing a digital currency


A woman wearing a face mask rides a scooter past the U.S. Federal Reserve in Washington, D.C., the United States, on Jan. 27, 2021.

Lie Jie | Xinhua News Agency | Getty Images

The Federal Reserve is moving forward in its efforts to develop its own digital currency, announcing Thursday it will release a research paper this summer that explores the move further.

Though the central bank did not set any specific plans on the currency, Chairman Jerome Powell cited the progress of payments technology and said the Fed has been “carefully monitoring and adapting” to those innovations.

“The effective functioning of our economy requires that people have faith and confidence not only in the dollar, but…


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