TechFlow news: Federal Reserve Board Governor Michelle Bowman stated she has not yet seen sufficient justification to believe that a U.S. central bank digital currency (CBDC) would more effectively address issues such as financial inclusion and frictions within the payment system, noting that alternative solutions like FedNow may be sufficient.
Bowman also warned that stablecoins could pose risks to consumers and the U.S. banking system. Although the Federal Reserve has been researching CBDCs, development remains distant and would require congressional support.
The Federal Reserve noted that Bowman's views are her own.
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