Federal Reserve Board Vice Chair for Supervision Michael S. Barr reviewed developments in payment system innovation and emphasized the importance of "carefully weigh[ing]" the benefits and risks of the new technologies as to stablecoins and central bank digital currencies.
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Federal Reserve Board Governor Michelle W. Bowman questioned whether the potential benefits of a U.S. central bank digital currency are worth the significant risks and tradeoffs for the financial system.
The Federal Reserve's ("Fed") FedNow℠ instant payment service is up and running and can now be used by banking entities and credit unions to instantly transfer money for customers.
The Federal Reserve Board will begin operating the FedNow℠ instant payment service in July.
Federal Reserve Board Governor Michelle W. Bowman summarized her views on monetary policy, cryptocurrencies, payment systems, climate-related risk and updating the Community Reinvestment Act.