Yesterday in a virtual speech at the American Enterprise Institute, Federal Reserve Governor Christopher J. Waller discussed whether, in his view, there is a need for a digital dollar.
His opinions on the topic of central bank digital currency (CBDC) were quite clear. “I think the first order of business is to ask whether there is a compelling need for the Fed to create a digital currency. I am highly skeptical,” he said.
While many believe a CBDC can address weaknesses in the current payment systems, Waller is not buying it. “I am not convinced as of yet that a CBDC would solve any existing problem that is not being addressed more promptly and efficiently by other initiatives.”
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