Federal Reserve board member Christopher Waller said on August 5 that he sees no immediate need for a US central bank digital currency (CBDC). He told the American Enterprise Institute that he is “not convinced… a CBDC would solve any existing problem” better than proposed alternatives.

Waller said existing private and public payments systems performed many functions a CBDC would. He could not identify a “market failure” that would require Fed intervention, he said.

Addressing claims that a