Federal Reserve Chair Jerome Powell said the central bank hasn't made a decision to issue a digital currency, citing the need for further work and "extensive" public consultation with stakeholders before doing so.
"It's more important for the United States to get it right than to be first," Powell said last week, as part of a panel hosted by the International Monetary Fund (IMF) during its annual meeting. "We are committed to carefully and thoughtfully evaluating the potential costs and benefits of a central bank digital currency [CBDC] for the U.S. economy and payments system. We have not made a decision to issue a CBDC."
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