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Associated PressUS central bankers have explored the possibility of developing a digital currency that would be directly available to businesses and households.

“We have assessed and we continue to carefully analyze the costs and benefits of pursuing such an initiative in the U.S.,” Federal Reserve Chairman Jerome Powell wrote in a letter to lawmakers this week.

In September, Reps. French Hill and Bill Foster said the central bank should consider a US-backed cryptocurrency to remain competitive.

US central bankers have explored the possibility of developing a digital currency that would be directly available to businesses and households, Federal Reserve Chairman Jerome Powell confirmed to lawmakers this week.

A digital currency backed by the central bank in the largest economy would be unprecedented and raise a host of legal and operational questions.