Michael Barr, the head of the central bank's regulatory division, emphasized that the Federal Reserve is currently in the preliminary research stage and would require official legislation from Congress to formalize any action.
The new legislation establishes a comprehensive legal framework for a central bank digital token.
Some contend that it might undermine the payments utility of cryptocurrencies or serve as a pathway to a digital dollar.
In March, the U.S. presidential candidate, during his tenure as Florida's governor, enacted a bill that banned the utilization of CBDCs within his state.
The European Central Bank seeks to encourage creative interventions in financial markets while adhering to the current regulations.
Authorities aim for a universally accessible digital payment system, catering to 'everyone, everywhere, for free.'
Florida's governor and the Republican Party's newest frontrunner engaged in a Twitter conversation with Elon Musk, discussing the realms of cryptocurrency and central bank digital currencies.
Corporate clients of BNP Paribas will have access to China's e-CNY by connecting to the Bank of China's system.
Commercial and central banks from China, Hong Kong, Thailand, the UAE, and Thailand participated in the pilot, which saw the issuance of more over $12 million in value.
The technical analysis of the 18 CBDC design choices was done in six main areas: participants, governance, security, transactions, data, and adjustments.