The creation of a digital dollar should be a top priority for the US central bank, as stated by President of the Dallas Federal Reserve Robert Kaplan. 

Specifically, Kaplan reportedly believed that the US central bank should initiate their project of designing a digital currency as early as they can. This goes to show that numerous policymakers deem this a task with high priority. 

“It is critical that the Fed focuses on developing a digital currency in the coming months and years.” Kaplan reportedly shared during a virtual Bloomberg-held conference, as a part of the talks on the economy and fiscal policy. 

Kaplan has reportedly joined the Federal Open Market Committee (FOMC) of 2020 – the entity in charge of coming up with monetary policy.

The 2020 Committee aggressively cut down interest rates to record lows in March, as an initiative from a synchronized policy response to the current global health crisis. 

Kaplan as well as the other members of FOMC have taken an active role in pumping liquidity into the market, starting September last year, when irregularities in the overnight repo market led to a surge in short-term interest rates. 

Blockchain is reportedly a sector policymakers are paying attention to. In October, Fed Chairman Jerome Powell reportedly revealed that a majority of central banks throughout the globe are researching the real-life usefulness of a CBDC. 

The Fed has reportedly also published a literature review of CBDCs, deep-diving into the effects a digital dollar has on commercial banking and monetary policy.