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MNI BRIEF: Fed Staffer Estimates CBDC Would Take 5 Years

(MNI) Washington

The Federal Reserve could take around five years to issue a central bank digital currency if it decided to do so, a top staffer said Monday, emphasizing uncertainty around the estimate and the continued need for feedback from a broad array of stakeholders in the process.

The Fed released a discussion paper in January on a U.S. central bank digital currency and started a comment period that will end later this month. David Mills, a staffer at the Federal Reserve board who focuses on payment systems, said at the Atlanta Fed's annual Financial Markets Conference next steps would be to summarize comments, continue outreach and identify areas where further research is needed.

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The Federal Reserve could take around five years to issue a central bank digital currency if it decided to do so, a top staffer said Monday, emphasizing uncertainty around the estimate and the continued need for feedback from a broad array of stakeholders in the process.

The Fed released a discussion paper in January on a U.S. central bank digital currency and started a comment period that will end later this month. David Mills, a staffer at the Federal Reserve board who focuses on payment systems, said at the Atlanta Fed's annual Financial Markets Conference next steps would be to summarize comments, continue outreach and identify areas where further research is needed.