Federal Reserve Governor Waller: should cooperate with industry to promote payment innovation

Fed Governor Christopher Waller called for embracing the "technology-driven revolution" happening in the fields of artificial intelligence and stablecoins, believing that this will help drive economic growth in the United States, despite some critics expressing doubts about the trend. "The current technology may be new, but utilizing innovative technology to build new payment services is not new," Waller said in remarks prepared for a blockchain conference in Wyoming. Waller has previously expressed support for certain aspects of decentralized finance - including support for the technology behind virtual currencies - as a supplement to traditional payment systems. He noted that distributed ledger technology provides a more efficient and faster way to track asset transfers. He emphasized on Wednesday that if the private sector collaborates with the Fed, the impact of decentralized finance in the payment sector could bring positive outcomes.