President Joe Biden issued an executive order last year calling for “the highest urgency on research and development efforts” of a U.S. central bank digital currency, but in a hearing on Wednesday Federal Reserve Chairman Jerome Powell said it still could take years.
Speaking before the House Financial Services Committee, Powell said that the Fed and the recently formed Treasury Department interagency working group have not made a decision on whether a CBDC, or digital dollar, is something that the financial system and U.S. citizens want or need.
