Bitcoin News and Finance
Fed Governor Waller Skeptical of Central Bank Digital Currencies — Says He’s ‘Not a Big Fan’ of the Fed Issuing Digital Dollar Skip to main content

Fed Governor Waller Skeptical of Central Bank Digital Currencies — Says He’s ‘Not a Big Fan’ of the Fed Issuing Digital Dollar

Fed Governor Waller Skeptical About Central Bank Digital Currencies — Says He's 'Not a Big Fan' of the Fed Issuing Digital Dollar

Federal Reserve Governor Christopher Waller says he is not a big fan of the Fed issuing a central bank digital currency (CBDC). “It’s just a checking account at the Fed,” said the governor. Federal Reserve Chairman Jerome Powell recently said that the central bank has not decided whether to issue a digital dollar.

Fed Governor Skeptical of CBDCs

Federal Reserve Governor Christopher Waller shared his view on central bank digital currencies (CBDCs) Tuesday during the Money 20/20 conference in Las Vegas. Commenting on the Federal Reserve issuing a digital dollar, he was quoted by Bloomberg as saying:

It’s just a checking account at the Fed. I’m not a big fan of it, but I’m open to having someone convince me that this is something that’s really valuable.

Some people have argued that a Fed-backed digital currency would help ensure the U.S. dollar’s dominance, noting that many countries, including China, are already working on launching their own CBDCs.

The People’s Bank of China (PBOC) has been actively trialing its CBDC. In September, the Chinese central bank revealed its intention to expand the digital yuan test areas. This month, the PBOC said transactions with its central bank digital currency exceeded 100 billion yuan ($13.9 billion) as of Aug. 31.

Waller opined:

It’s not clear why China giving their citizens a checking account at the People’s Bank of China, why that’s going to undermine the reserve role of the dollar in the global payments system.

The Federal Reserve outlined its digital dollar work in a January report titled “Money and Payments: The U.S. Dollar in the Age of Digital Transformation,” calling it “the first step in a public discussion between the Federal Reserve and stakeholders.”

However, the U.S. central bank has not decided whether to issue a digital dollar. Fed Chair Jerome Powell said in September: “We have not decided to proceed and we don’t see ourselves making that decision for some time.” He added: “We see this as a process of at least a couple of years where we are doing work and building public confidence in our analysis and in our ultimate conclusion.” Powell also noted that the decision of whether to issue a digital dollar would need approval from both the executive branch and Congress.

Do you think the Federal Reserve should issue a digital dollar? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory