In any development of a cross-border digital currency, it is more important for the United States"to get it right than be first," U.S. Federal Reserve Chair Jerome Powell said on Monday.
FILE PHOTO: Federal Reserve Board Chairman Jerome Powell testifies during a Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Drew Angerer/Pool via REUTERSREUTERS: In any development of a cross-border digital currency, it is more important for the United States"to get it right than be first," U.S. Federal Reserve Chair Jerome Powell said on Monday.
"We do think it's more important to get it right than to be first and getting it right means that we not only look at the potential benefits of a CBDC, but also the potential risks, and also recognize the important trade offs that have to be thought through carefully," Powell said in a panel discussion of digital payments hosted by the International Monetary Fund.
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