Federal Reserve Vice Chairman Michael S. Barr said Friday the Fed is "a long way" from a decision on whether it would issue a central bank digital currency, or CBDC, though it has taken steps to supervise the risks of other innovations.

"The Federal Reserve has made no decision on issuing a CBDC and would only proceed with the issuance of a CBDC with clear support from the executive branch and authorizing legislation from Congress," Mr. Barr said Friday at the Federal Reserve Bank of Philadelphia's Seventh Annual Fintech Conference (pionline.com).

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