NEWS

A Solution in Search of a Problem?

Source: Adobe/sabdiz

Below is a speech by Federal Reserve Governor Christopher J. Waller before the American Enterprise Institute on Thursday, August 5.
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The payment system is changing in profound ways as individuals demand faster payments, central banks including the Fed respond, and nonbank entities seek a greater role in facilitating payments. In all this excitement, there are also calls for the Federal Reserve to “get in the game” and issue a central bank digital currency (CBDC) that the general public could use.

Chair Powell recently announced that the Federal Reserve will publish a discussion paper on the benefits and costs of creating a CBDC. This topic is of special interest to me, since I have worked on monetary theory for the last twenty years and researched and written about alternative forms of money for the last seven.1 My speech today focuses on whether a CBDC would address any major problems affecting our payment system. There are

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