Federal Reserve Governor Christopher Waller played down the functionality of cryptocurrencies while again expressing his skepticism about adopting a central bank digital currency when consumers already have access to fast payment systems, according to Yahoo Finance.
“These things aren’t payment instruments at all,” Waller said of cryptocurrencies during a virtual panel on central bank digital currencies. “My view is these things are just electronic gold. They’re forms of storage carrying wealth across time. Look at art, look at baseball cards. Look at all of this stuff that’s intrinsically useless that people pay a lot of money and hold on to because they think they can sell it later and get their money back.”
The Fed governor also thinks blockchain isn’t all that useful right now.
“I think Blockchain is totally overrated,” he said. “The question is is it the most efficient way to do stuff? We know distributed ledger blockchain is one way of doing transactions and record keeping, but it’s not efficient.”
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
