#Fed ‘actively working’ on US digital currency, official says

Dallas Federal Reserve President Robert Kaplan said on Friday he could see the US central bank eventually issuing its own digital currency, calling it the “last mile” in a digitalization of the payment system that is already in train.

“I would imagine in the years ahead — it’s something the Fed is actively working on now — and I can see reasons why that will eventually get developed; China is already doing their own experiment with it,” he said in a virtual appearance at Texas Tech.

Still, he added, the Fed is a “long way” from making a decision and is currently studying the issues, including the potential impact on banks.

Kaplan’s comment comes just two days after commission-free trading app Robinhood said its meme-inspired cryptocurrency Dogecoin accounted for a 25.6 percent of revenue in the second quarter.