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keeping ‘open mind’ on central bank digital currency -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Michelle Bowman, the Governor of the U.S. Federal Reserve, makes her first public comments as a Fed policymaker, at an American Bankers Association conference held in San Diego (California), U.S.A, 02/11/2019 REUTERS/Ann Saphir

By Ann Saphir

(Reuters) – Federal Reserve Governor Michelle Bowman stated Wednesday that she was “trying not to hold an open mind” regarding the utility of a U.S. central banking digital currency. The Fed is still exploring the benefits and drawbacks of this option, and Bowman has previously expressed doubt.

Bowman stressed that “the preservation of a intermediated banking model” is the key to this decision at an Independent Community Bankers of America meeting. She also stated that she expected the Fed to provide clearer guidance in the near future regarding the approval and application process for new bank charters as well as account access.

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