Stock illustration: Digital movement

The Federal Reserve took a key step toward the possible issuance of a U.S. digital currency, a move that the central bank said could dramatically alter the American financial system.

The Fed on Thursday solicited feedback through a 35-page discussion paper on a government-backed coin, known as a central bank digital currency (CBDC). As expected, the central bank took no firm conclusions on whether the United States should issue a digital dollar and said it didn’t intend to proceed without clear backing from the White House and Congress.

“The introduction of a CBDC would represent a highly significant innovation in American money,” the Fed said in the paper.

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