The United States Federal Reserve is still evaluating the prospects of introducing a central bank digital currency (CBDC) for the land just says it has not yet decided on the thing.

Speaking at a news briefing on Wednesday, Powell stated that the Federal Reserve was studying the merits of creating a digital dollar and has plans to issue a newspaper on the affair.

"We are working proactively to effect a CBDC and if so, in what grade," Powell stated while fielding questions at the news conference, calculation:

"We think it is our obligation to practise the piece of work both on public policy and engineering science to form a basis for making an informed decision. The ultimate test we will apply when assessing a key bank digital currency and other digital innovations is, 'Are there clear and tangible benefits that outweigh any cost and risks?'"

Despite several central banks launching their own CBDCs, Powell alleged that the Fed was not in a bustle to bring together the trend.

According to the Fed Chair, the emphasis is not on speed but on getting things correct while stating that the U.S. was not behind the curve on CBDC innovation.

CBDCs have come to the fore in the anti-crypto narrative espoused by global cyberbanking regulators and authorities policymakers.

As previously reported by Cointelegraph, banking giant HSBC has recently come out in support of CBDCs against cryptocurrencies and stablecoins.

Related: Fed governor says CBDCs remain 'a solution in search of a trouble'

Indeed, crypto critics in Washington like Senator Elizabeth Warren have clamored for CBDCs as "legitimate digital public money" compared to crypto, which the Senator has been known to condemn.

Earlier in September, Wall Street Journal columnist James Mackintosh argued that CBDCs could trigger "deeply negative interest rates."

Fed governor Chris Waller has previously argued confronting the value proposition of CBDCs, calling them "a solution in search of a problem."