Fed’s Waller Says Technology Can Deliver More Choice in Payments

Federal Reserve Governor Christopher Waller has emphasized the potential benefits of new technologies in the financial sector. Waller acknowledged that while regulators should impose safeguards to ensure safety, they should also welcome innovations that can provide more choice and options for consumers and financial firms. Waller's remarks suggest that the Fed is open to exploring how emerging technologies, such as digital currencies and payment systems, can improve the financial landscape. The governor highlighted the importance of striking a balance between promoting innovation and maintaining financial stability. By embracing technological advancements, Waller believes that the financial industry can offer more diverse and accessible payment options to consumers. However, he stressed the need for appropriate regulations to mitigate risks and protect the integrity of the financial system. The Fed's stance on this issue reflects a broader trend in the industry, where regulators are grappling with the challenges and opportunities presented by the rapidly evolving technological landscape in the financial sector.