Federal Reserve Governor Waller stated that DeFi can improve the centralized financial system

2024-10-19 08:43:08

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ChainCatcher news, according to The Block, Federal Reserve Governor Christopher Waller stated at the 19th Vienna Macroeconomic Workshop held in Vienna, Austria, that technological advancements can "drive improvements in financial efficiency." DeFi will not replace centralized finance, partly because intermediaries are still needed. "While some services emerging through DeFi are not provided by centralized finance, the technological innovations brought by DeFi largely complement centralized finance." "They have the potential to improve centralized finance, thereby enhancing the significant value provided by financial intermediaries and centralized financial markets."

Christopher Waller is one of the seven members of the Federal Reserve Board, nominated to the position by former President Donald Trump in 2020.

Previously, Christopher Waller compared cryptocurrencies to baseball cards, showing a preference for innovations in stablecoins rather than central bank digital currencies. Christopher Waller also believes that privately issued stablecoins will strengthen the dollar rather than weaken it.

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