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.

The Fed has not yet made a decision on this matter, Powell said. He also stated that it does not feel pressured by other countries to move quickly with their own projects.

Powell stated at his news conference after the meeting, “I believe it’s essential that we reach a point where we can make an educated decision about this. And do so promptly.” We are not behind, I believe. This is why I believe it’s better to take your time and do things right rather than rush.

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