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Fed's Bowman doesn't see case for U.S. central bank digital currency

FILE PHOTO: U.S. Federal Reserve Governor Michelle Bowman gives her first public remarks as a Fed policymaker at an American Bankers Association conference in San Diego, California, U.S., February 11 2019. REUTERS/Ann Saphir

(Reuters) - Federal Reserve Governor Michelle Bowman on Monday said given the safety and efficiency of the U.S. payment system she doesn’t see much of a reason for the Fed to issue a U.S. central bank digital currency.

“I’m not really sure that I understand or see the business case for creating it,” Bowman said, noting that the Fed is currently putting together a paper looking at the pros and cons of the issue as a “conversation starter.” That paper should come out soon, she said.

Reporting by Ann Saphir

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