The American financial expert and member of the Federal Reserve Board of Governors, Christopher Waller, thinks blockchain innovation is “totally overrated,” despite the fact that the U.S. reserve bank “put a lot of resources into understanding digital currencies and the blockchain.” On Friday, Waller spoke throughout a panel that talked about reserve bank digital currencies (CBDCs) and stated that CBDC white documents resembled “infomercials.”
Fed Governor Insists: ‘These Things Aren’ t Payment Instruments at All’
On Friday, a virtual panel comprised of Yale’s Gary Gorton, Bank for International Settlements (BIS) executive Hyun Song Shin, and the Fed’s Christopher Waller gone over blockchain innovation and CBDCs at terrific length. The hour-long panel conversation was called “Should Central Bank Issue Digital Currencies?” and Waller is really doubtful about such innovations.
“These things aren’t payment instruments at all,” Waller said throughout the virtual panel. “My view is these things are just electronic gold. They’re forms of storage carrying wealth across time. Look at art, look at baseball cards. Look at all of this stuff that’s intrinsically useless that people pay a lot of money and hold on to because they think they can sell it later and get their money back.”
Waller even more worried that he does not believe blockchain innovation is effective, and he believes there’s excessive buzz surrounding it. The Fed guv described:
I believe blockchain is absolutely overrated– The concern is is it the most effective method to do pack? We understand dispersed journal blockchain is one method of doing deals and record-keeping, however it’s not effective.
Waller Has Been Skeptical About CBDCs and Stablecoins in the Past– Fed Governor Says China’s CBDC Doesn’ t ‘Threaten the Dollar’
In mid-November in 2015, Waller