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"Better to do it right than to do it first," says Fed on Chinese digital currency



At the IMF panel on cross-border payments with some of the key players in the banking policies of their countries and organizations, the head of the IMF in Washington gave the Fed (US Central Bank) the opportunity to respond to the progress of China in the creation of the Digital Yuan.

When indirectly asked about the Chinese digital currency and if there would be an advantage to airing the first digital currency, Jerome (president of the FED) gave a ready answer:

"It is better to do it well than to do it first"

And he pointed out some problems to be solved by the FED, such as:

  • Need to protect against cyber attacks;
  • Prevent illegal activities while allowing user safety
  • And be positive for the United States and the rest of the world;

In addition, he highlighted the importance of the dollar as a world reserve and affirmed that the world trusts the American currency, again prodding the Chinese.

"I feel like we have an obligation to stay on top of CBDC's policies and technology innovations," said the Fed Chairman.


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