Federal Reserve Governor Michelle Bowman sees more risks than rewards in potentially issuing a U.S. central bank digital currency.

Federal Reserve Governor Michelle Bowman has yet to see the need for a U.S. central bank digital currency (CBDC), according to comments made at a roundtable hosted by Harvard Law School on Tuesday.

The Fed official noted that public arguments in favor of issuing a CBDC include “addressing frictions within the payment system, promoting financial inclusion, and providing the public with access to safe central bank money.”

“These are all important issues, I have yet to see a compelling argument that a U.S. CBDC could solve any of these problems more effectively or efficiently than alternatives, or with fewer downside risks for consumers and for the economy,” Bowman continued.

Bowman said those challenges could be met with existing services such as FedNow, a service that allows financial institutions to make real-time transfers that allows for faster transaction settlement.

The Federal Reserve has explored the possibility of a CBDC but said last month that it was a “long way” from making a decision. The Fed would need Congressional support to issue the digital asset. Bowman supported continued research into CBDCs and monitoring the progress of similar products in other countries.