The fight over the national cryptocurrency is underway in the US

Christopher Waller, a member of the US Federal Reserve Board of Governors, has once again opposed the launch of the digital dollar. The official is sure that the state-owned stablecoin will not bring any benefit to the country. During his presentation at the Money 20/20 conference in Las Vegas, Waller said that he is not a big supporter of the US Central Bank’s (CBDC) digital currency. However, the politician is open to discussions that could convince him that the digital dollar is indeed something of value.

Proponents of the launch of a public stablecoin argue that the digital asset will help ensure the dominance of the US dollar, as many countries, including China, are actively testing and implementing their own digital currencies. Still, the adherents of the national digital cryptocurrency failed to convince Waller. The Fed Board member is convinced that after the introduction of CBDC, there is a high risk of hundreds of billions of dollars being withdrawn from the US banking system.

At the beginning of the year, the Fed published a Digital Dollar White Paper for public discussion to demonstrate its potential advantages and disadvantages. In September, the US House of Representatives Financial Services Committee voted in favor of the development of a national cryptocurrency, fearing that the digital yuan would jeopardize the possibility of sanctions pressure on China.

The introduction of CBDC has become a White House priority. The Federal Reserve, the White House, and the U.S. Treasury Department have formed a working group that will be responsible for the development, research, and implementation of CBDC.