Top Fed Official Michelle Bowman Says Staff Should Hold Small Amounts Of Crypto To Understand It
Federal Reserve Vice Chair for Supervision Michelle Bowman said Fed staff should be allowed to hold small amounts of cryptocurrency to gain firsthand experience with blockchain technology. Speaking at a blockchain event in Wyoming, Bowman argued that the central bank should consider letting employees own “minimal amounts of digital assets” to gain a better understanding of how it works. She stressed that direct participation is the best way to understand how ownership and transfers function on the blockchain “There’s no replacement for experimenting and understanding how that ownership and transfer process flows,” Bowman said. “I certainly wouldn’t trust someone to teach me to ski if they’d never put on skis, regardless of how many books and articles they have read, or even wrote, about it.” She didn’t say what types of products or what amounts she would suggest the Fed should allow. Fed Staff, Spouses Not Allowed To Own C...