During a recent conference in the Bahamas, Fed member Christopher Waller delivered notable remarks. However, he refrained from discussing the economy or monetary policy in his prepared comments.
Waller indicated that the US dollar would maintain its position as the world’s reserve currency. He asserted that recent developments have reinforced this position. This stance arises amidst increasing discussions regarding the potential of other currencies, like the Chinese Yuan, to challenge the supremacy of the US dollar. Nevertheless, Waller highlighted certain factors that detract from the Yuan’s appeal as an asset.
Amid ongoing discussions regarding the necessity of a Central Bank Digital Currency (CBDC) in the US, Waller expressed skepticism about its requirement. His remarks coincide with numerous countries either investigating or already introducing their CBDCs.
Waller also addressed concerns about cryptocurrency ETFs, expressing discomfort with banks holding substantial quantities of these assets.
The SEC recently sanctioned a total of 9 new Bitcoin Spot ETFs, permitting billions of dollars to be invested in these offerings. However, the SEC’s approval occurred during a period of pressure on US authorities.
