Fed Governor Waller says US CBDC wouldn't improve the things the world loves about US fiat

The United States and the world benefit from the primacy of the US dollar in the global economy, but it's the stablecoin, not a CBDC, which will elevate the place of fiat, according to Waller.

A U.S. central bank digital currency (CBDC) would not improve the qualities of the U.S. fiat dollar that foreign businesses value most, U.S. Federal Reserve Governor Christopher Waller said in a published speech October 14. to the issue through the lens of national security at a symposium held at Harvard University. Waller had a more favorable view of dollar-backed stablecoins.

The role of the U.S. dollar in the world is an area where economics, CBDCs and national security intertwine, Waller said. The undisputed primacy of the US dollar around the world benefits the United States and other countries where the dollar plays a role in their economy or as a reserve currency.

Just in: New Speech from Fed Governor Christopher Waller - The US Dollar and Central Bank Digital Currencies#CBDC #communitybanks #payments #stablecoins #centralbank https://t.co/MgpbBUw3j7 via @FederalReserve pic.twitter.com/wao6tEwL2n

This primacy is not due to technological factors, and therefore the introduction of a CBDC in the United States would not affect the reasons for this primacy, Waller explained. He expressed doubts that "the allegedly changing payments landscape due to the growth of digital assets, especially CBDCs" poses a threat to the status of the US dollar around the world by making settlements or storing money. value, although foreign CBDCs may make gains again...