Currencies, Central Banks, Business, Economy & Governance

Currencies, Central Banks

US in no hurry to develop digital dollar – Fed's Powell

'This is one of those issues where it's more important for the United States to get it right than it is to be first,' says US Federal Reserve Chair Jerome Powell on a possible digital currency

10/19/2020 6:10:00 PM

'This is one of those issues where it's more important for the United States to get it right than it is to be first,' says US Federal Reserve Chair Jerome Powell on a possible digital currency.

'This is one of those issues where it's more important for the United States to get it right than it is to be first,' says US Federal Reserve Chair Jerome Powell on a possible digital currency

, driven partially by concerns a private actor – such as Facebook's Libra project – might get there first, without controls on how it is designed or used.But Powell said the Fed has a special need to be cautious since the US dollar is a global reserve currency, used by companies and central banks worldwide.

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"We have a responsibility both to the US and to the world that any steps taken for a US digital currency be taken safely.""We're absolutely committed to the soundness of the dollar into safe and efficient US dollar payment systems," he said, but that relies on the"reliable rule of law, strong and transparent institutions, deep financial markets, and an open capital account."

The Boston Federal Reserve Bank is working with researchers at the prestigious Massachusetts Institute of Technology to develop a"hypothetical central bank digital currency" to help assess potential security risks, he said. Read more: Rappler »

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