Christopher Waller, an American economist and member of the Federal Reserve Board, said blockchain technology, despite the fact that the central bank of the United States “has put a lot of resources into understanding digital currencies and blockchain.” Believes “completely overrated”. On Friday, Waller spoke in a panel discussing the Central Bank Digital Currency (CBDC), stating that the CBDC white paper is similar to an “infomercial.”
The Federal Reserve argues: “These are not means of payment.”
On Friday, a virtual panel consisting of Gary Gorton of Yale University, Bank for International Settlements (BIS) executive Hyunson Singh, and Fed Christopher Waller discussed blockchain technology and the CBDC in detail. The one-hour panel discussion was called “Should central banks issue digital currencies?” Waller is very skeptical of such technology.
“These aren’t payment methods at all,” Waller said in a virtual panel. “In my view, these are just electronic gold. They are a form of storage that carries wealth over time. Look at the art, look at the baseball cards. People pay a lot of money Look at all these things that are essentially useless to hold it, as you think you can sell it later and get your money back. “
Waller further emphasized that he does not consider blockchain technology to be efficient, but that there is too much hype surrounding it. The Federal Reserve Board explained:
I think blockchain is completely overrated — the question is whether it is the most efficient method. Distributed ledger blockchain is one way to manage transactions and records, but it is not efficient.
Waller was skeptical of the CBDC and Stablecoin in the past — the Federal Reserve says China’s CBDC does not “threat the dollar.”
In mid-November last year, Waller commented on the digital currency of fiat money at a virtual meeting with members of the Cleveland Fed and discussed applying restrictions to the stablecoin economy. Prior to the Cleveland Fed’s virtual conference statement, Waller told participants in the October Official Financial Institutions Forum (OMFIF) discussions that the Fed was skeptical of issuing a CBDC or digital dollar.
During Friday’s virtual debate on central banks and digital currencies, Waller reiterated his skepticism about whether the Fed really needed to issue a CBDC. So far, he is not convinced that the United States needs a central bank digital currency.
“Rather than looking at all the bells and whistles that come with it, we’re trying to focus on why we really need it,” Waller said. “I’m not sure [it] not yet. I’m not saying I can’t, but I’ve never seen it at a retail CBDC. “
In addition to discussing the United States, Waller also talked about China’s CBDC, emphasizing that digital yuan does not believe it threatens the US dollar. “What is there? [central bank of China] Waller commented on Friday. “They allowed PBOC to have a bank account so that Chinese households could pay for electricity … I know how having a payment account at the central bank threatens the dollar. not.”
Tags for this story Bitcoin, Blockchain Technology, Blockchain Technology, BTC, CBDC, CBDC Discussion, Central Bank Digital Currency, Central Bank Digital Currency, Central Bank, China’s CBDC, Christopher Waller, Cryptocurrency, Digital Currency, Digital Dollar , Electronic Gold, Federal Government, Federal Reserve, Gary Gorton, Hyun Song Shin, Overrated, Panel Discussion, Payments, Stablecoins, US CBDC
What do you think of the official Federal Reserve Christopher Waller and his opinion on the overestimation of blockchain technology? Please tell us what you think about this subject in the comments section below.
Jamie Redman
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