Federal Reserve Governor Christopher Waller recently expressed skepticism about the need for a central bank digital currency (CBDC) in the US payment system
Waller made the comments during a speech at The Clearing House Annual Conference 2024 on Nov. 12, where he questioned whether the system has a problem that CBDCs could solve.
He stated:
“In a speech I gave in August 2021, I asked, what problem would a CBDC solve? In other words, what market failure or inefficiency demands this specific intervention? In more than three years, I have yet to hear a satisfactory answer as applied to CBDC.”
Waller advocated for market-driven solutions, highlighting the private sector’s benefits in fostering payment system innovation through competition.
He emphasized that the private sector, motivated by profit and competition, often makes better decisions when determining which technologies are worth investing in and which may fail to meet consumer needs.
He further stated that until a clear
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