US Congressmen asks the Fed to consider developing ‘national digital currency’

In a letter sent to Federal Reserve Chairman Jerome Powell two U.S. lawmakers have asked The Fed to look at adopting a digital currency for the U.S. dollar. Rep. French Hill (R-Ark.) and Rep. Bill Foster (D-Ill.) argue that the U.S. has "the ability and the natural role to develop a national digital currency." Specifically, the Congressman stated,

“We are concerned that the primacy of the U.S. Dollar could be in long-term jeopardy from wide adoption of digital fiat currencies. Internationally, the Bank for International Settlements conducted a study that found that over 40 countries around the world have currently developed or are looking into developing a digital currency.”