Free Trial

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

MNI BRIEF: Waller 'Highly Skeptical' of Fed Digital Currency


Federal Reserve Governor Christopher Waller expressed strong skepticism about the need for the central bank to issue a digital currency, saying it wouldn't solve any major problem confronting the U.S. payment system and any potential benefits could be accomplished through other means.

"At this early juncture in the Fed's discussions, I think the first order of business is to ask whether there is compelling need for the Fed to create a digital currency. I am highly skeptical," he said in prepared remarks for a speech to the American Enterprise Institute. "After careful consideration, I am not convinced as of yet that a CBDC would solve any existing problem that is not being addressed more promptly and efficiently by other initiatives," he said.

Other top Fed officials have also expressed doubts. Fed Vice Chair for Supervision Randal Quarles last month said the Fed doesn't need to compete against domestic stablecoins or against foreign competitors such as China's digital currency. The Federal Reserve will publish a discussion paper later this summer on the benefits and costs of creating a CBDC.

MNI Washington Bureau | +1 202-371-2121 |

To read the full story

Why Subscribe to


MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.