{"id":68646,"date":"2022-10-16T13:43:44","date_gmt":"2022-10-16T10:43:44","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=68646"},"modified":"2025-09-07T15:18:52","modified_gmt":"2025-09-07T12:18:52","slug":"fed-governor-criticises-idea-of-launching-a-digital-dollar","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/fed-governor-criticises-idea-of-launching-a-digital-dollar\/","title":{"rendered":"Fed governor criticises idea of launching a digital dollar"},"content":{"rendered":"<p>The launch of a central bank digital currency (CBDC) will not strengthen the position of the US dollar on the international stage. About this <a href=\"https:\/\/www.federalreserve.gov\/newsevents\/speech\/waller20221014a.htm\">\u0437\u0430\u044f\u0432\u0438\u043b<\/a> \u0447\u043b\u0435\u043d \u0421\u043e\u0432\u0435\u0442\u0430 \u0443\u043f\u0440\u0430\u0432\u043b\u044f\u044e\u0449\u0438\u0445 <span data-descr=\"U.S. Federal Reserve System\" class=\"old_tooltip\">\u0424\u0420\u0421<\/span> Christopher Waller during a speech at Harvard University.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cProponents of issuing CBDC, as a rule, promote it as a tool capable of reducing transaction costs, speeding settlements, and delivering a better user experience. I am highly sceptical that CBDC itself can sufficiently mitigate the traditional problems to prevent such things as fraud, theft, money laundering or the financing of terrorism,\u201d he said.<\/p>\n<\/blockquote>\n<p>According to Waller, the digital currency will automate some processes, but it is not a \u2018unique\u2019 solution. The official explained that most new tools aimed at improving cross-border settlement quality are part of existing systems.<\/p>\n<p>He stressed that the dollar\u2019s position as the world\u2019s reserve currency is driven more by political and financial factors than by technological ones.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe factors underpinning the dollar&#8217;s supremacy are not technological, but include ample supply, a liquid market for Treasuries and other obligations, and the long-standing stability of the U.S. economy and political system. No other country can fully match the United States on these metrics; launching a CBDC will not alter the situation,\u201d the official said.<\/p>\n<\/blockquote>\n<p>Waller said that a CBDC would be easier to control, and as a result many companies would refrain from using the instrument. He also added that the digital currency would not confer any \u2018material advantages\u2019 on foreign players.<\/p>\n<p>Earlier the official had already criticised distributed ledger technology and its products. In March 2022 he <a href=\"https:\/\/forklog.com\/en\/news\/fed-official-calls-blockchain-overhyped\">called<\/a> blockchain overrated and noted that some CBDC research resembles \u201cadvertising clips\u201d.<\/p>\n<p>Earlier, in September, Fed Chair Jerome Powell said there was <a href=\"https:\/\/forklog.com\/en\/news\/fed-chair-signals-no-decision-yet-on-digital-dollar-launch\">absence of a decision on launching a digital dollar<\/a>.<\/p>\n<p>Follow ForkLog&#8217;s bitcoin news on our <a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Launch of a central bank digital currency (CBDC) will not bolster the US dollar&#8217;s position on the international stage, according to Federal Reserve Board member Christopher Waller during a speech at Harvard University.<\/p>\n","protected":false},"author":1,"featured_media":68647,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1334,1249],"class_list":["post-68646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-digital-dollar","tag-federal-reserve-system"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68646","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=68646"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68646\/revisions"}],"predecessor-version":[{"id":68648,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68646\/revisions\/68648"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/68647"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=68646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=68646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=68646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}