The Fed was skeptical about the need to create a digital currency in the United States

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.

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Author: Ivan Maltsev
The study of political and social problems of different countries of the world. Analysis of large companies on the world market. Observing world leaders in the political arena.
Function: Chief-Editor
Ivan Maltsev

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