Federal Reserve Governor Waller: We should work with the industry to promote payment innovation

Federal Reserve Governor Christopher Waller called for embracing the "technology-driven revolution" occurring in the fields of artificial intelligence and stablecoins, believing it will help drive the development of the U.S. economy, despite some critics expressing skepticism about the related hype. "The technology at hand may be new, but using innovative technology to build new payment services is not a novel idea," Waller stated in remarks prepared for a blockchain seminar in Wyoming. Waller has previously expressed support for certain aspects of decentralized finance—including the technology supporting virtual currencies—as a complement to traditional payment systems. He pointed out that distributed ledger technology offers a more efficient and faster way to track asset transfers. He emphasized on Wednesday that if the private sector collaborates with the Federal Reserve, the impact of decentralized finance in the payment sector could yield positive outcomes