As central banks around the world begin the development of digital currencies, Federal Reserve chair Jerome Powell has said it is more important for the US to “get it right than to be first”.

“We do think it is 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 recognise the important trade-offs that have to be thought through carefully,” Powell told a panel on 19 October, hosted by the International Monetary Fund.