Two U.S. congressmen, Rep. French Hill (R-Arkansas) and Rep. Bill Foster (D-Illinois), have asked the Federal Reserve to consider developing a digital dollar.
In a letter sent to Fed Chairman Jerome Powell on Monday, the lawmakers stressed that the “nature of money is changing” and that Fed is capable and has the natural role to develop a “national digital currency.”
Hill and Foster expressed worries that the U.S. dollar could face “long-term jeopardy” with the wide adoption of digital fiat currencies. They stated that the rise of digital currencies marked an “inflection point” in the evolution of money and payments, noting that more than 40 countries are already starting or considering developing a digital currency.