Christopher Waller, a member of the Fed’s Board of Governors, noted that many of the financial problems that could be resolved with the help of a digital currency are already being solved with the help of other tools.
The creation of a digital currency by the government is unlikely to solve the serious problems facing the US payment system. This opinion was expressed on Thursday by Christopher Waller, a member of the Board of Governors of the Federal Reserve System (FRS), which performs the functions of the country’s central bank, speaking at a video conference organized by the American Enterprise Institute in Washington.
“Although the creation of a central bank digital currency continues to arouse great interest in the United States and other countries, I remain skeptical that the Fed’s digital currency will solve any serious problem facing the US payment system,” he said.
“There are also potential risks associated with the digital currency, <…>. First of all, it is necessary to ask whether there is an urgent need for the Fed to create a digital currency. I am very skeptical about this,” Waller stressed.
In his opinion, many of the financial problems that could be resolved with the help of a digital currency are already being solved with the help of other tools. He criticized supporters’ statements of the introduction of a digital currency in the country, who believe that it will speed up payments. “Speeding up payments is not a good reason for creating a central bank digital currency,” Waller believes.