The Fed Should 'Get Serious' About Crypto, Says Former FDIC Chair

The Federal Reserve should seriously consider its own crypto, the former head of the U.S. government's deposit insurance corporation wrote in an op-ed last week.

In a piece published Friday by Yahoo Finance, Sheila Bair, the former chair of the US Federal Deposit Insurance Corporation (FDIC), emphasized the pressing need for the Federal Reserve Bank to seriously consider the prospects of a central bank issued digital currency (CBDC).

She warned:

"If it does not stay ahead of this technology, not only could banking be disrupted — but the Fed itself could also be at risk."