Investing.com - The former head of the Federal Deposit Insurance Corporation says the Federal Reserve should consider creating a central bank-issued digital currency.Ex-FDIC Chair Sheila Bair raised the idea in an op-ed column on Yahoo (NASDAQ:AABA) Finance, saying a digital currency has many benefits, from reducing the risk of financial crises to improving monetary policy tools.Bair, who notes the idea is gaining currency among mainstream economists and central bankers themselves, says digital currencies would reduce, if not eliminate, the chance of bank runs during a crisis. She also says a digital currency would lower fees for consumers and businesses alike, eliminating the need for checking accounts and some credit card networks. Bair, however, admits disadvantages exist, including the disruption of credit availability. Norway's central bank recently said it was looking into the possibility of creating a digital coin because a decline in the use of cash. Sweden and China are both studying the idea of a central bank digital currency.