News from the US on Central Bank Digital Currency: For Federal Reserve Governor Michelle Bowman, CBDCs are not a solution compared to existing alternatives.
USA: Fed’s Michelle Bowman says CBDCs are no solution
Michelle Bowman, current member of the Board of Governors of the Federal Reserve (or Fed), said that she is still not convinced that the US central bank needs to issue a CBDC.
Specifically, Bowman believes that the central bank digital currency is not a solution that would address the identified problems more efficiently than existing alternatives.
In this regard, the Fed governor said:
“I have yet to see a compelling argument that a U.S. CBDC could solve any of these problems more effectively or efficiently than alternatives, or with fewer downside risks for consumers and for the economy,”
The problems Bowman is referring to are the arguments that CBDC supporters have instead been touting. For proponents, the US CBDC would remove friction in the payments system, prom
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