The Federal Reserve is pushing ahead with its study into whether to implement its own digital currency and will be releasing a paper on the issue shortly, Chairman Jerome Powell said Wednesday.

No decision has been made on the matter yet, he added, and said the Fed does not feel pressured to do something quickly as other nations move forward with their own projects.

“I think it’s important that we get to a place where we can make an informed decision about this and do so expeditiously,” Powell said at his post-meeting news conference. “I don’t think we’re behind. I think it’s more important to do this right than to do it fast.”

Powell added the Fed is “working proactively to evaluate whether to issue a CBDC, and if so in what form.”

Establishing a digital dollar has been on the Fed’s radar for more than a year, and it announced in May it would launch a deeper examination into the issue with a paper to follow.

The Boston Fed has taken…

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