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US Wholesale CBDC Has ‘Promise,’ Fed Governor Says, but Retail ‘Difficult to Imagine’

United States Federal Reserve Board governor Michelle Bowman spoke at Georgetown University on April 18 to “offer a perspective” on central bank digital currency (CBDC). 

“It is difficult to imagine a world where the tradeoffs between benefits and unintended consequences could justify a direct access CBDC for uses beyond interbank and wholesale transactions.”

She acknowledged some promise for wholesale CBDC, however, for some large transactions and international payments processing.

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