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Fed's Waller Was Skeptical About The Necessity Of CBDC
Summary: During a financial stability conference called "planning for Surprises, Learning from Crises" on Wednesday, Federal Reserve Board Governor Christopher J. Waller stated that stablecoin is a real innovation and the competition it brings is beneficial to consumers, but Waller is skeptical of the need for the government to issue a CBDC, citing the development of private-sector payment ...
During a financial stability conference called "planning for Surprises, Learning from Crises" on Wednesday, Federal Reserve Board Governor Christopher J. Waller stated that stablecoin is a real innovation and the competition it brings is beneficial to consumers, but Waller is skeptical of the need for the government to issue a CBDC, citing the development of private-sector payment innovations as the reason.
Waller said that he does not agree that stablecoin issuance can or should only be carried out by banks. He said: "That innovation can come from outside the banking sector, and we should not be surprised when it crops up in a commercial context, particularly in Silicon Valley...We should give those innovations the chance to compete with other systems and providers —including banks — on a clear and level playing field".
By Mary Liu
Tags: CBDC,Fed,Stablecoin
Link: Fed's Waller Was Skeptical About The Necessity Of CBDC [Copy]
