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Fed manager criticized the idea of launching a digital dollar
The launch of the digital currency of the Central Bank (CBDC) will not strengthen the position of the US dollar in the international arena. This was stated by a member of the Council of Federal Reserve Managers Christopher Waller during a speech at Harvard University.
“Supporters of the release of CBDC, as a rule, promote it as a tool capable of reducing transaction costs, accelerate calculations and provide the best user experience. I am extremely skeptical of the fact that CBDC itself can sufficiently reduce traditional problems in order to prevent things such as fraud, theft, money laundering or financing of terrorism, ”he said.
According to Waller, the digital currency will automate some processes, but it is not a “unique” solution. The official explained that most new tools focused on improving the quality of cross Домінація біткоїну -border calculations are part of existing systems.
He emphasized that the position of the dollar as a world reserve currency is more influenced by political and financial, rather than technological reasons.
“Factors supporting the superiority of the dollar are not technological, but include a sufficient offer, the liquid market of treasury and other debt obligations, as well as many years of stability of the economy and the political system of the United States. No other country can fully compare with the states in these indicators, the launch of CBDC will not change the position of things, ”the official said.
Waller said that CBDC is easier to control, and therefore many companies will refuse to use this tool. He also added that digital currency will not provide foreign players with any “material advantages”.
Earlier, the official has already criticized the technology of the distributed registry and products based on it. In March 2022, he called the blockchain revised and noted that some studies in the field of CBDC resemble “commercials”.
Recall that in September, the head of the Fed, Jerome Powell, announced the absence of a decision to launch a digital dollar.
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