US Federal Reserve Board member Christopher Waller does not share the general euphoria of CBDC and believes that private stablecoins can better serve as a digital currency.
Instead of issuing a government digital currency (CBDC), Christopher Waller calls for support for private companies in this direction. Especially those developing stablecoins.
In his opinion, it is private stablecoins that can compete with the national currency in the field of payments. Waller said:
“I remain quite skeptical about claims that the digital currency of the Federal Reserve can solve important problems in the American payment system. The government should only intervene to prevent a market crisis. This is a fundamental principle that America has adhered to since its founding, and I don’t think we should deviate from it on the CBDC issue. ”
At the same time, Waller admits that stablecoins are still underdeveloped and not nearly as well regulated as they should be:
“There are many legal and regulatory issues that need to be addressed before fully utilizing stablecoins.”
In late May, US Federal Reserve Chairman Jerome Powell said the US is seeking to lead the way in developing standards for central bank digital currencies.
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