Former CFTC commissioner believes the US should bring in outside stakeholders for a CBDC to bring in a new perspective

• Sharon Bowen said earlier this week that the United States was lagging behind when it came to working on their own central-bank digital currency.
• Bowen highlighted that a central-bank digital currency could help the US dollar and maintain prominence in the global economy for years to come.

One of the former commissioners at the United States commodities futures trading commission (CFTC), Sharon Bowen, said earlier this week that the United States was lagging behind when it came to other countries around the world working on their own central-bank digital currency (CBDC).

This came during a webinar hosted by the consultancy firm Accenture where Bowen highlighted that a central-bank digital currency could help the US dollar and maintain prominence in the global economy for years to come. She further went onto highlight that if the US doesn’t want any other countries to threaten the dollar, it must look to the future of new technologies and seriously consider cross-border transactions through the use of a CBDC.

Bowen made it very clear that even though the federal reserve chairman is a big believer that the government should develop this digital currency, bringing in multiple stakeholders will give a diverse perspective on its development and could give a better result to the overall project. 

She said:

“It's really important that we decide how that technology would operate alongside our existing and future financial systems… We need to make sure that these markets are free from operational risk and system outages and, you know, to make sure that we continue to have a resilient financial system.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!