The Federal Reserve has come out with a highly anticipated paper on a digital dollar, taking a step in a process that could lead to Congressional action.

The paper, which lays out the pros and cons of a central-bank digital currency, doesn't appear to taking sides in the debate over whether to establish one. It discusses the benefits of a CBDC, but also notes that it could pose threats to banks and new forms of money such as stablecoins (tokens designed to maintain a fixed $1 value).