MNI BRIEF: Fed ​Cautiously Eyeing Digital Currencies -Powell

The Federal Reserve is approaching the issue of central bank digital currencies with caution given the dollar's role as a global reserve currency, Fed Chair Jerome Powell told an IMF conference Monday.

"We have not made a decision to issue a CBDC and there's a great deal of work yet to be done before making a decision," he told a conference on cross border digital payments, adding it's "more important to get it right than to be the first" for the Fed. Global central banks have taken accelerated steps toward creating digital currencies recently to head off the potential challenge from private-sector competitors like Facebook's Libra.