July 2, 2019 / 5:14 PM / 3 months ago

Fed has 'no inclination' for digital dollar at moment: Mester

FILE PHOTO: A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration taken December 8, 2017. REUTERS/Benoit Tessier/Illustration/File Photo

LONDON (Reuters) - The U.S. Federal Reserve has no plans for a Bitcoin-style digital dollar anytime soon, one of the bank’s policymakers said on Tuesday, although the broader issue was on its radar and was being studied.

Cleveland Federal Reserve Bank President Loretta Mester told a European Economics and Financial Centre event that the Fed was looking at the issue and had also discussed Facebook’s new Libra currency plan with the social network site recently.

“It (digital currency) certainly is a topic for investigation and study within the Federal Reserve,” Mester said during a question and answer session.

“But at this point there is no inclination for the Fed to issue our own digital currency.”

Reporting by Navdeep Yadav and Marc Jones; Editing by Gareth Jones

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