WASHINGTON (WTVO) — The digital dollar is on the horizon.

The Biden administration is reportedly exploring the development of a central bank digital currency. It would be the direct liability of the Federal Reserve, unlike existing digital money available to the public. The White House said that a central bank digital currency would help reinforce the United States as a leader in the world financial system.

Agencies have generated nine reports about the impact a central bank digital currency could have on financial markets, the environment, innovation and other aspects of the economic system.