Blockchain is 'totally overrated': Christopher Waller 

Blockchain is ‘totally overrated’: Christopher Waller 

Blockchain is ‘totally overrated’: Christopher Waller  Read Full Story

Christopher Waller, a member of the Federal Reserve Board of Governors, said Friday that “blockchain is totally overrated” and compared some research papers about major digital currencies at banks (CBDC) to informationmercials.

Waller was a participant in an audience on Friday centred around whether banks in central banking should issue digital currency.

The Fed released a report in January to study the same issue. In an executive decree signed earlier this month, President Joe Biden ordered federal agencies to examine digital assets.

Waller stated that historically the Fed has played a largely ancillary position in the private market and suggested that when looking to change in this direction, Waller should first consider “what market failure is there that would require us to move away from a 100-year tradition and adopt a retail CBDC?”

It is also worth noting that the Fed governor also mentioned that he’s read research papers about CBDCs that read similar to “infomercials,” They cover every “bells and whistle” a CBDC product can offer and deter customers from asking whether they really require it.

Gary Gorton, a professor of finance at Yale and a participant in the event, was a proponent of a more proactive approach to digital currencies.

Blockchain is 'totally overrated': Christopher Waller 

Blockchain is ‘totally overrated’: Christopher Waller 

Gorton said that from a historical point of view, “every single country on earth” has granted their sovereign authority an absolute monopoly on money creation to ensure the financial system’s stability.

“We didn’t have to think about this. Today, we have stablecoins that threaten public funds,” he said.

Gorton said that as the supply chain adopts blockchain technology at a massive level, it’s essential to think about payment methods.

“Right now, that’s a bit of a stumbling block,” the man said. “It could be CBDC, which I think would be the best thing because otherwise stablecoins are going to take over, and they’re going to grow and then we’re gonna have a big problem.”

Gorton claimed that even though we’re not likely to have a CBDC for 5 or 10 years, the Fed ought to be constantly learning but isn’t taking that step.

“I’m totally baffled by that statement,” Waller replied and added that”the Fed is currently using lots of resources to research and analyze this field.

“If stablecoins are more popular and have numerous uses, I believe that we are in the midst of problems. I believe the Fed is in trouble,” said Gorton. “We’re not talking about an abstract issue here, and the money market is already affected with stablecoins.”

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