Fed's Powell says digital currency discussion paper coming this summer

Federal Reserve Chairman Jerome Powell says the Fed will issue this summer a discussion paper on the possibility of a U.S. central bank digital currency.The key focus is on how a CBDC could improve the current U.S. domestic payments system."We think it is important that any potential CBDC could serve as a complement to, and not a replacement of, cash and current private-sector digital forms of the dollar, such as deposits at commercial banks," Powell said in a video message. "The design of a CBDC would raise important monetary policy, financial stability, consumer protection, legal, and privacy considerations and will require careful thought and analysis - including input from the public and elected officials."The Boston Fed is working on more technical projects, focused on tools and infrastructure, according to a statement.Powell said in March there was no rush for a CBDC.Crypto assets are highly volatile and "not really useful for