Bank staff are exploring the circumstances under which it might be appropriate for the central bank to issue its own digital currency for retail transactions. All central banks are researching this. We will have more to say about the subject in the months ahead. Conclusion Now I am ready to conclude.
2 •  We advised institutions that working constructively with customers, offering them responsible loan modifications and small-dollar credit, is a safe and sound banking practice more than appropriate to this extraordinary time. 3  2 See Board of Governors of the Federal Reserve System, “Supervisory and Regulatory Actions in Response to COVID-19,” at  https://www.federalreserve.gov/supervisory-regulatory-action-response-covid-19.htm.