FED Official: We Don’t Need a Digital Dollar!

US Federal Reserve (FED) from the managers Christopher Wallerspoke at a security symposium held at Harvard University yesterday. During his speech, the FED executive explained that the USA does not need a digital dollar and the reasons for this.

Waller, of all countries CBDC (central bank digital currency) He thinks that in his scenario, the dominance of the US dollar will be endangered.

“If each country issues its own digital currency after the dollar, this could turn into a big problem. United states dollar; It is the world’s reserve currency, not because of its technology, but because of the Bretton Woods system.”

Fed official to stablecoins The point of view is completely opposite to the majority. Unlike other bureaucrats, Waller sided with stablecoins rather than digital dollars.

“Stablecoins Bring The Dollar To The Forefront”

Christopher Waller thinks stablecoins have many advantages. According to Waller, stablecoins are in great demand, especially in countries with unstable economies.

The demand for stablecoins is contributing to the strengthening of the US dollar. dollar indexed cryptocurrenciesfacilitates access to foreign currency for citizens in countries where there is no free market.

The “digital dollar” debate in the USA continues at full speed. Secretary of the Treasury Yellen expresses her discomfort with stablecoins in every speech she gives about cryptocurrencies. Central banks are conducting their own digital currency studies to curb citizens’ demand for cryptocurrencies.