Fed Governor Waller says DeFi can improve the centralized financial system

Federal Reserve Governor Christopher Waller reportedly said at the 19th Vienna Macroeconomics Symposium in Vienna, Austria, that technological advances can "drive improvements in financial efficiency." DeFi will not replace centralized finance, in part because intermediaries are still needed. “Although some services emerging through DeFi cannot be provided by centralized finance, the technological innovation brought by DeFi is to a large extent complementary to centralized finance.” “They have the potential to improve centralized finance, thereby increasing the significant value provided by financial intermediaries and centralized financial markets.”

Christopher Waller is one of the seven Fed Board of Governors members who was nominated to the position in 2020 by former President Donald Trump.

Christopher Waller has previously compared cryptocurrencies to baseball cards, preferring the innovation of stablecoins rather than central bank digital currencies. Christopher Waller also believes that privately issued stablecoins will strengthen the U.S. dollar, not weaken it.