Economy

Fed Governor Bowman casts doubt on the need for a U.S. digital dollar

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Federal Reserve Bank Governor Michelle Bowman gives her first public remarks as a Federal policymaker at an American Bankers Association conference In San Diego, California, February 11 2019.

Ann Saphir | Reuters

Federal Reserve Governor Michelle Bowman expressed skepticism over the possibility of a digital U.S. dollar, noting Tuesday the multiple risks such a system could impose.

A central bank digital currency (CBDC) could intrude on the privacy of users and harm the banking system while providing few benefits that aren’t otherwise available for banked and unbanked consumers alike, Bowman said in a speech.

“We must ensure that consumer data privacy protections embedded in today’s payment…



Source cnbc.com

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