Federal Reserve Board Governor Christopher Waller came out against the development of a Fed-backed digital currency in a speech Thursday, arguing that a digital dollar would not solve any problem currently facing the U.S. economy.

“While [central bank digital currencies] continue to generate enormous interest in the United States and other countries, I remain skeptical that a Federal Reserve CBDC would solve any major problem confronting the U.S. payment system,” Waller said during a virtual speech before the American Enterprise Institute.

The speech comes ahead of a report that Federal Reserve Chairman Jerome Powell has said will be issued in the fall outlining the costs and benefits of creating a digital dollar.

Waller pointed out that the private banking system and the Federal Reserve are currently undertaking projects that will allow payments to be made “immediately” after they are…

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