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Michelle Bowman (Federal Reserve Governor) said she didn’t see an argument the US central bank’s digital currency (CBDC) could solve problems compared to other currencies.
Bowman said arguments put forward in favor of CBDC, including resolving disputes on the payment system and financial participation, may not be unique to CBDCs.
In her statement at Harvard Law School’ s roundtable meeting on Tuesday, Bowman said;
I haven’t seen a convincing argument US CBDC can solve any problems more effectively than alternatives for consumers and the economy.”
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”FedNow will break down barriers!” Michelle Bowman said
Bowma, who has been hesitant about CBDCs for a long time, said FedNow could solve these difficulties. FedNow is a service that allows financial organizations to send and receive payments instantly in real-time and shortens the transaction completion time.
Bowman said, “FedNow and a similar private sector service were designed to help make daily payments faster and easier, enable consumers to receive funds instantly with same-day access, and allow small businesses to manage their cash flows more efficiently without transaction delays.”
He said. “Future innovations may further improve these services to more effectively address disputes in the payment system and financial participation.”
However, some federal authorities disagreed with this idea, saying the benefit of CBDC was greater.
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