The US Federal Reserve (FED) hosted a conference for innovative payment technologies on Tuesday. With this, author Christopher Waller aims to specifically promote cryptocurrencies. The event is intended to underscore that the central bank is open to crypto and blockchain.
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US Federal Reserve (FED) Promotes Crypto through Payments Innovation Conference
The US Federal Reserve (FED) hosted the Payments Innovation Conference on Tuesday – a novel conference where representatives from the central bank and the financial industry meet to discuss industry innovations.
Christopher Waller, a member of the FED Board, explained that he launched the conference with the intention of enabling a free debate about modern payment technologies. Cryptocurrencies are explicitly part of this.
“It is my pleasure to welcome you to the first Payments Innovation Conference of the Federal Reserve Board,” Waller addressed the audience, making it clear that a repeat of the conference is conceivable.
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“I have two goals with this conference. First, I wanted to organize a meeting that focuses on the new technologies from the world of DeFi and cryptocurrencies and how they are entering the mainstream of payment systems,” the economist continued.
The event is intended to send a signal for crypto. Cryptocurrencies would not be viewed with suspicion by the central bank, but rather perceived as a normal part of the financial industry – this relationship is particularly important to Waller.
“The DeFi industry is not viewed with distrust or contempt. Rather, you are welcome today to participate in the discussion about the future of payment transactions in the United States and in our domestic market – something that would have been unimaginable a few years ago.”
Waller recognizes the revolutionary role of Bitcoin and Co. They are no longer marginal phenomena. The US central bank wants to be part of the development around the Blockchain in the future.
Many well-known representatives of the crypto industry took part in the meeting – such as employees from Jito Labs, Paxos, Coinbase and Circle. Sergey Nazarov, founder of Chainlink, was also present.
The classic financial industry also took part in the meeting. Representatives from BlackRock, BNY, Stripe, GoogleCloud and Franklin Templeton are on the guest list. The US government is hosting another meeting today, Thursday, in which Coinbase founder Brian Armstrong is participating.
That’s why the FED is Laying a Milestone for BTC and Co.
The FED is setting an important milestone for BTC and Co. with the event. As Waller himself stated in his speech, the US central bank had a completely different relationship with crypto just a few months ago. The situation only changed when US President Donald Trump replaced his predecessor Joe Biden.
For example, it was the FED that, under pressure from the then Treasury Secretary Janet Yellen, brought about the end of Facebook’s crypto project Diem. Developer David Marcus accuses the government of acting for political reasons and deliberately disregarding the legal situation.
In general, central banks are considered opponents of cryptocurrencies. Ultimately, they cannot control cryptocurrencies. Fiat currencies, on the other hand, can be diluted at will. They are under the control of a central bank.
The advance of central banker Waller is blurring the previously clear boundaries. The FED’s rapprochement could have an international signaling effect and lead to imitation in other countries.
Analysts at Deutsche Bank recently predicted this development. Accordingly, central banks should soon be among the most important crypto investors. The primary reason for this is a change of course in the USA.