Fed's made no decision yet on issuing digital currency, Powell says

The Federal Reserve hasn't yet made a decision on whether it will issue a central bank digital currency ("CBDC"), Fed Chair Jerome Powell said during a virtual panel on cross-border and digital payments held by the International Monetary Fund."A great deal of work needs to be done" before making such a decision, he said.He pointed to several reasons why a central bank might issue a CBDC, including improving payment systems to provide faster and cheaper transactions.If the Fed does decide to issue a digital currency, it would "serve as a complement to cash and private sector electronic payments," not a replacement, Powell said during the session.He observed that in the U.S. there is still "strong demand for cash" and that "many [people], though not all, have access to electronic payment systems" that already exist.Previously: Fed has 'serious concerns' over Facebook Libra - Powell (July 10, 2019)