CBDC Could Have “Severely Negative Consequences” for “Bank-Dominated Payments System” – Former FDIC Chair

CBDC Could Have “Severely Negative Consequences” for “Bank-Dominated Payments System” – Former FDIC Chair

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The former chair of the United States Federal Deposit Insurance Corporation, Sheila Bair, recently published an article imploring the U.S. Federal Reserve to explore central bank-issued digital currencies (CBDCs). In the article, Mrs. Bair argues that the development of a state-issued cryptocurrency could “reduc[e] the risk of financial crises” and “improv[e] monetary policy tools.” Also…