Federal Reserve Chair Jerome Powell said the central bank is looking closely at the prospect of issuing a “digital dollar.”

This was on the news that China has begun testing its own version of a digital yuan, and earlier this month distributed 10 million yuan (about $1.5 million) as part of a major test for the project.

So the U.S. seems to be WAY behind in the move to a digital currency.

Treasury Secretary Janet Yellen expressed that same view on Monday: “Too many Americans don’t have access to easy payments systems and banking accounts, and I think this is something that a digital dollar, a central bank digital currency, could help with,” she said.

Powell said Tuesday that since the U.S. dollar serves as the world’s reserve currency, it’s more important to get the project right than it is for the United States central bank to be first to unveil a digital version of its currency.

Imagine if China is able to get its digital currency adopted across the globe because of its security and ease of use. What happens then?

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