Fed not developing digital currency, Williams says

FILE PHOTO - San Francisco Federal Reserve President John Williams speaks to Reuters in San Francisco, California, U.S. on September 27, 2016. REUTERS/Stephen Lam/File Photo

PHOENIX (Reuters) - The Federal Reserve does not have plans to issue digital currency, but the U.S. central bank is interested in the underlying technology and is actively researching it, San Francisco Federal Reserve Bank President John Williams said on Wednesday

“Right now, the Federal Reserve is not developing its own digital currency,” Williams said when asked his thoughts about bitcoin at an economic outlook luncheon here. Central banks worldwide are interested in how the technology that underlies bitcoin could make payments safer, cheaper and more efficient. Some may also consider adopting digital currencies as official money, he said.

Reporting by Ann Saphir; Editing by Chizu Nomiyama