Waller Says Fed Should Work With Industry on Payment Services

Federal Reserve Governor Christopher Waller has called for the central bank to work closely with the industry on payment services. Waller emphasized the need to embrace the "technology-driven revolution" occurring in artificial intelligence and stablecoins, which he believes could boost the US economy. However, he acknowledged that some critics may be skeptical of the hype surrounding these technologies. Waller's remarks suggest that the Fed recognizes the potential benefits of these emerging financial technologies, but also the need to navigate the associated risks and challenges. The call for collaboration between the central bank and the industry reflects the complex and rapidly evolving landscape of digital finance and payment systems. While Waller's comments highlight the Fed's openness to innovation, the article notes that there may be concerns from those who are more cautious about the widespread adoption of these new technologies. The summary focuses on the key points of Waller's perspective and the potential for both opportunities and skepticism surrounding the ongoing developments in this space.