Jerome Powell, the chairman of the Federal Reserve, has said that it is more important for America “to get it right than be first” when it comes to digital currencies WorldAhead
during the reign of Augustus Caesar, the first Roman emperor, bore his head on one side and a dolphin intertwined with an anchor on the other. The maritime emblem represents the emperor’s favourite motto: “festina lente” or “make haste, slowly”. The quickest way to do something, in short, is to do it right the first time.
The same approach appears to have been adopted by global central bankers as they gear up to mint digital money, or “central bank digital currencies” , for the first time. At present, the only money issued by a central bank and used by ordinary people is physical cash. Digital payments systems, which are flourishing, rely on private firms, such as banks, credit-card companies and tech firms.
Other central banks are moving more slowly. Though it has long led the pack, Sweden launched a pilot project only in 2021. In a white paper published afterwards the Riksbank, its central bank, said it still needed to test a range of critical features, such as whether an e-krona could be used at scale for retail payments; how to integrate it with merchants at the point of sale; and how to develop means of using it offline.
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