Fed Governor Michelle Bowman is 'trying to keep an open mind' on U.S. CBDC

While the Fed has been collaborating with other agencies to regulate digital assets, Fed Board Governor Michelle Bowman on Wednesday said she has tried to keep an open mind about a central bank digital currency. Generally, the preservation of the intermediary banking model has been the most important aspect of the CBDC discussion, Bowman explained at the ICBA ThinkTECH virtual event. Bowman expected the Fed "to move a proposal to provide more clarity and transparency on the process for reserve banks to approve novel charter applications in the near future," she said. Remember the central bank released a "very neutral" CBDC discussion paper in January. With the U.S. on the fence about CBDC's, developing nations such as, Mexico, Jamaica and Nigeria, have already launched a CBDC or manifested it through trials. Previously, (Feb. 3, 2021) the Boston Fed and MIT created an open source code for a hypothetical CBDC in a research project.