Fed Governor Admits Digital Dollar Poses "Significant Risks" To Consumer Privacy, Financial System

Federal Reserve Governor Michelle Bowman expressed strong concerns about a U.S. central bank digital currency (CBDC), highlighting “significant risks” to the financial system and consumer privacy. She questioned the clear benefits of a CBDC and warned of its potential impact on the banking sector. While the Fed remains cautious, the European Central Bank is pushing ahead with its CBDC efforts.