{"id":8106,"date":"2022-10-26T22:25:13","date_gmt":"2022-10-26T22:25:13","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=8106"},"modified":"2022-10-26T22:25:13","modified_gmt":"2022-10-26T22:25:13","slug":"fed-governor-waller-skeptical-of-central-bank-digital-currencies-says-hes-not-a-big-fan-of-the-fed-issuing-digital-dollar","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=8106","title":{"rendered":"Fed Governor Waller Skeptical of Central Bank Digital Currencies \u2014 Says He&#8217;s &#8216;Not a Big Fan&#8217; of the Fed Issuing Digital Dollar"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Federal Reserve Governor Christopher Waller says he is not a big fan of the Fed issuing a central bank digital currency (CBDC). \u201cIt\u2019s just a checking account at the Fed,\u201d said the governor. Federal Reserve Chairman Jerome Powell recently said that the central bank has not decided whether to issue a digital dollar.<\/strong><\/p>\n<h2>Fed Governor Skeptical of CBDCs<\/h2>\n<p>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:<\/p>\n<p>It\u2019s just a checking account at the Fed. I\u2019m not a big fan of it, but I\u2019m open to having someone convince me that this is something that\u2019s really valuable.<\/p>\n<p>Some people have argued that a Fed-backed digital currency would help ensure the U.S. dollar\u2019s dominance, noting that many countries, including China, are already working on launching their own CBDCs.<\/p>\n<p>The People\u2019s 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.<\/p>\n<p>Waller opined:<\/p>\n<p>It\u2019s not clear why China giving their citizens a checking account at the People\u2019s Bank of China, why that\u2019s going to undermine the reserve role of the dollar in the global payments system.<\/p>\n<p>The Federal Reserve outlined its digital dollar work in a January report titled \u201cMoney and Payments: The U.S. Dollar in the Age of Digital Transformation,\u201d calling it \u201cthe first step in a public discussion between the Federal Reserve and stakeholders.\u201d<\/p>\n<p>However, the U.S. central bank has not decided whether to issue a digital dollar. Fed Chair Jerome Powell said in September: \u201cWe have not decided to proceed and we don\u2019t see ourselves making that decision for some time.\u201d He added: \u201cWe 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.\u201d Powell also noted that the decision of whether to issue a digital dollar would need approval from both the executive branch and Congress.<\/p>\n<p>Tags in this story<\/p>\n<p>CBDC, central bank digital currency, chinese digital currency, Christopher Waller, Christopher Waller central bank digital currency, Digital Dollar, Digital Yuan, Fed, Fed issues digital dollar, Federal Reserve, federal reserve governor, PBOC<\/p>\n<p><em><strong>Do you think the Federal Reserve should issue a digital dollar? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\n A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/fed-governor-waller-skeptical-of-central-bank-digital-currencies-says-hes-not-a-big-fan-of-the-fed-issuing-digital-dollar\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Federal Reserve Governor Christopher Waller says he is not a big fan of the Fed issuing a central bank digital currency (CBDC). \u201cIt\u2019s just a checking account at the Fed,\u201d 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8107,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-8106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8106","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8106"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8106\/revisions"}],"predecessor-version":[{"id":8108,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8106\/revisions\/8108"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/8107"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}