Powell, Lagarde and Bailey express caution on CBDCs

Jay Powell says Fed must get any future CBDC right, rather than “being the first”

Lagarde and Powell, ECB Forum on Central Banking
L to R: Christine Lagarde and Jerome Powell
Photo: European Central Bank

The US Federal Reserve would not rush into creating central bank-issued digital currencies (CBDCs), chairman Jay Powell said on November 12.

“We feel an obligation to be on the frontier of research on technology and policy development on this,” Powell told a European Central Bank virtual forum.

“But we, as the main reserve currency, we do feel it’s critical … that we get it right, as opposed to prefer being the first.”

ECB president Christine Lagarde and Bank of England governor Andrew Bailey

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