Fed Governor Bowman Reinforces CBDC Skepticism, Prefers Stablecoins No More Than Before

Federal Reserve Board governor Michelle Bowman addressed the topic of financial innovation in a speech at Harvard Law School on October 17. Over the course of her remarks, Bowman indicated a increasingly cautious stance on the matter.

In her speech, Bowman extensively discussed central bank digital currency (CBDC) and stablecoins. She also explored “unified ledger” technology and distributed ledger technology, viewing them as potential bridges to enhance existing financial systems. Additionally, she reiterated her previous inquiries regarding the necessity for such innovations and highlighted the role banks could play in mitigating government overreach.