{"id":47298,"date":"2021-08-06T09:21:41","date_gmt":"2021-08-06T06:21:41","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=47298"},"modified":"2025-09-01T20:38:29","modified_gmt":"2025-09-01T17:38:29","slug":"fed-governor-doubts-the-advisability-of-issuing-a-digital-dollar","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/fed-governor-doubts-the-advisability-of-issuing-a-digital-dollar\/","title":{"rendered":"Fed governor doubts the advisability of issuing a digital dollar"},"content":{"rendered":"<p>The United States authorities should launch <span data-descr=\\\"national digital currency\\\" class=\\\"old_tooltip\\\">CBDC<\/span> only in the event of a significant market disruption. This view was expressed by Federal Reserve Board member Chris Waller in an interview with the American Enterprise Institute.<\/p>\n<p><iframe loading=\\\"lazy\\\" width=\\\"1280\\\" height=\\\"720\\\" src=\\\"https:\/\/www.youtube.com\/embed\/r1iBDidlck8\\\" title=\\\"YouTube video player\\\" frameborder=\\\"0\\\" allow=\\\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\\\" allowfullscreen=\\\"\\\"><\/iframe><\/p>\n<p>The official expressed scepticism about the ability of a digital dollar to address the current challenges facing payment systems. Waller emphasised that the problems could be solved effectively and promptly through other options.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p><em>\u201cThe private sector is already developing cheaper and faster payment alternatives compared with those available in the banking system. The Fed does not necessarily need to create a CBDC for this same purpose,\u201d<\/em> the governor explained.<\/p>\n<\/blockquote>\n<p>Waller noted that CBDC would not solve the problem of improving financial inclusion, but would raise concerns about privacy. To support the position he cited the <span data-descr=\\\"Federal Deposit Insurance Corporation\\\" class=\\\"old_tooltip\\\">FDIC<\/span> data \u2014 in 2019, only 1% of households in the United States were not covered by banking services.<\/p>\n<p>In the official&#8217;s view, stablecoins raise legal, regulatory and supervisory questions. They must be addressed before stablecoins gain traction. <span data-descr=\\\"Federal Deposit Insurance Corporation\\\" class=\\\"old_tooltip\\\">FDIC<\/span> data shows that in 2019 only 1% of households were not served by banking services.<\/p>\n<p>The Fed official noted that CBDC design envisions the central bank&#8217;s access to \u201ca huge amount of information\u201d about account holders. This is both a target for hackers and a point of comparison with China, which controls its citizens through transactions with the digital yuan, he added.<\/p>\n<p>As previously reported, staff at the Federal Reserve Bank of Boston and MIT <a href=\"https:\/\/u1f987.com\/en\/news\/fed-and-mit-to-unveil-digital-dollar-prototype-by-july\">completed<\/a> work on creating a prototype of the digital dollar by July. Fed Chair Jerome Powell <a href=\"https:\/\/u1f987.com\/en\/news\/fed-chair-the-emergence-of-a-digital-dollar-would-dent-bitcoins-popularity\">pushed back<\/a> this deadline to the end of summer 2021.<\/p>\n<p>The Fed began examining the possibility of issuing a CBDC in February 2020. <a href=\"https:\/\/u1f987.com\/en\/news\/fed-outlines-research-into-issuing-a-digital-dollar\">began in February 2020<\/a>. <a href=\"https:\/\/u1f987.com\/en\/news\/fed-outlines-research-into-issuing-a-digital-dollar\">The start of development<\/a> of the digital dollar was announced in August 2020.<\/p>\n<p>Follow ForkLog news on <a href=\\\"https:\/\/www.facebook.com\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. authorities should launch CBDC only in the event of a significant market disruption. This view was expressed by Federal Reserve Board member Chris Waller in an interview with the American Enterprise Institute.<\/p>\n","protected":false},"author":1,"featured_media":47299,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,1334,1249,1138,807],"class_list":["post-47298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-digital-dollar","tag-federal-reserve-system","tag-opinions","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/47298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=47298"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/47298\/revisions"}],"predecessor-version":[{"id":47300,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/47298\/revisions\/47300"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/47299"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=47298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=47298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=47298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}