During Donald Trump’s Presidency Christopher Waller, who was appointed as a member of the Fed’s Board of Directors, At a webinar hosted by Rutgers University on Friday blockchain and CBDCs made some statements about it.
Expressing his ideas about cryptocurrencies during the seminar, Waller said that cryptocurrencies are not a means of payment, they are electronic gold.
“Cryptocurrencies are by no means a means of payment. In my view these are just electronic gold.
People buy cryptocurrencies only because they think they can sell them later and get their money back. They are essentially useless.”
“Blockchain Technology Is Overrated!”
Arguing that blockchain technology is overrated, Waller central bank digital currency (CBDC) He said he was approached with skepticism.
“The United States of America a digital dollar I do not believe that the US needs a digital dollar or that the Fed’s failure to issue a digital dollar threatens the sovereignty of the US currency.
I’m trying to focus on why we need a CBDC (digital dollar), but I’m still not convinced we need a CBDC.”
to provide consumers with faster and cheaper access to retail payments. of CBDC Noting that it is not necessary, Waller said retail customers already have access to fast payment systems.
Waller, of the FED Stating that he does not want to interfere with the system between consumers, that is, the public and the banking system, he said:
“The FED has historically been in the background for nearly 100 years. So what market failure would force us to stray from a 100-year-old tradition and adopt a central bank digital currency (CBDC)?”
“China’s Digital Yuan Is Not a Threat To The US Dollar!”
Finally, the Chinese government digital yuan Referring to his work on the yuan, the FED member stated that he does not believe that the digital yuan threatens the US dollar, so he does not believe that a digital dollar is necessary against the digital yuan.
Waller also added that the Fed has been researching and reading a lot of resources to understand digital currencies and blockchain technology.