Christopher Waller, a member of the Federal Reserve Board of Governors, said “blockchain has been greatly overestimated” and compared some research papers on central bank digital currencies (CBDC). with trade information
Waller speak during discussionIn regards to whether central banks should issue digital currencies or not?
FedThe results of the study were published in January.analyzing the same question And in an executive order signed this month, President Joe Biden has also directed federal agencies to study digital assets.
Waller argued that in the past the Fed has played a behind-the-scenes role in the private market. and said that considering the change, he must first ask “What market failure led us to shift away from 100-year tradition and adopt a retail CBDC?”
The Fed governor also said he had seen research papers on CBDC that read like It is more “commercial information” and diverts consumers’ attention from asking themselves if they really need it.
Gary Gorton, a professor of finance at Yale, supports a proactive approach, pointing out that from a historical perspective. “Every country in the world” has given its sovereignty the monopoly on the creation of money for the sake of financial stability.
Gorton said that as global supply chains use blockchain technology more and more widely, It is important to consider what the payment method will be.
“It might be a CBDC, which I think is probably the best. Because otherwise stablecoin will take its place. and they will grow Then we will have big problems.”
“If stablecoins are more widespread and used, I think we have a problem,” Gorton said. But we are talking about a money market that is already influenced by stablecoins.”
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