Fed Powell: CBDC is years away, not months

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US Federal Reserve Chairman Jerome Powell said he is in no rush to adopt a central bank digital currency (CBDC) due to the risks such currencies pose to the dollar state, CoinDesk reported.

“We don’t feel the need or the need to be first,” he said of CBDC, according to the report. “In fact, we already have a first mover advantage because [the U.S. dollar is] the reserve currency. “

Powell said it will likely take years rather than months for the Fed to have any type of CBDC ready. Despite this, there have been early studies of such payment methods at the central bank’s Boston office, according to CoinDesk.

According to Powell, the Fed is “investing heavily” in technology and examining the political issues raised by …

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