{"id":550471,"date":"2023-02-11T00:45:00","date_gmt":"2023-02-10T21:45:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/fed-governor-waller-says-crypto-ecosystem-has-distinct-parts-with-varying-potential\/"},"modified":"2023-02-11T00:45:00","modified_gmt":"2023-02-10T21:45:00","slug":"fed-governor-waller-says-crypto-ecosystem-has-distinct-parts-with-varying-potential","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/fed-governor-waller-says-crypto-ecosystem-has-distinct-parts-with-varying-potential\/","title":{"rendered":"# Fed governor Waller says crypto ecosystem has distinct parts with varying potential"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3d6b3c1fc86\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3d6b3c1fc86\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/fed-governor-waller-says-crypto-ecosystem-has-distinct-parts-with-varying-potential\/#%E2%80%9D_Fed_governor_Waller_says_crypto_ecosystem_has_distinct_parts_with_varying_potential_%E2%80%9C\" >&#8221; Fed governor Waller says crypto ecosystem has distinct parts with varying potential &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Fed_governor_Waller_says_crypto_ecosystem_has_distinct_parts_with_varying_potential_%E2%80%9C\"><\/span>&#8221; Fed governor Waller says crypto ecosystem has distinct parts with varying potential &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvY2VmNzNhNzEtYzcxNS00ZGI1LWFhNDEtMDNiNmRhZTc1ZGM2LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4bbf85c5>The parts that make up the cryptocurrency ecosystem are not all equal, United States Federal Reserve Board governor Christopher Waller told a conference audience on Feb. 10. He had clear preferences among the three elements of the ecosystem that he identified.<\/p>\n<p>Waller was hosted by the Global Interdependence Center at its \u201cDigital Money, Decentralized Finance, and the Puzzle of Crypto\u201d conference. He considered crypto assets, blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> and trading technology, such as smart contracts and tokenization, separately. <\/p>\n<p>Waller focused on the broader <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lications of crypto technology. Research on applications of distributed ledger technology to \u201ca wide range of data management problems\u201d is underway. Smart contracts can be applied to non-crypto assets, and tokenization, combined with data vaults, can protect privacy without promoting money laundering. Further, Waller said:<\/p>\n<blockquote><p>\u201cWhile these technological developments are still in their infancy, they have potential applications beyond the crypto ecosystem that could lead to substantial productivity enhancements in other industries.\u201d<\/p><\/blockquote>\n<p>The bulk of Waller\u2019s talk was devoted to crypto assets. He compares crypto assets, which he said have no intrinsic value, to a commodity \u2013 corn \u2013 and used economic theory to explain that intrinsically valueless objects may be traded at a positive price due to the &#8220;the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> contrivance of money.&#8221; But there is an inherent problem, he added:<\/p>\n<blockquote><p>\u201cWhat if one day, beliefs change and I no longer believe that someone will pay me for this object in the future? Then I clearly shouldn&#8217;t pay anything for it today, so its price goes to zero. [\u2026] However, if you buy crypto-assets and the price goes to zero at some point, please don&#8217;t be surprised and don&#8217;t expect taxpayers to socialize your losses.\u201d <\/p><\/blockquote>\n<p>Even sophisticated, institutional investors have lost money in the crypto winter, Waller noted. <\/p>\n<p><strong><em>Related: US federal agencies release joint statement on crypto asset risks and safe practices<\/em><\/strong><\/p>\n<p>A clear idea of the differences between the parts of the crypto ecosystem will help ensure that regulation will mitigate the risks of crypto assets without impeding innovation of \u201cthe positive features of the crypto ecosystem,\u201d he concluded. <\/p>\n<p>Waller has previously expressed his cynicism about a U.S. central bank digital currency.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Fed Governor Waller happens to be speaking in La Jolla today about crypto banking.  KYC\/AML &#8220;they in no way are allowed to ignore&#8221; <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24SI&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$SI<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24SBNY&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$SBNY<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/VeY5G9eiPD\">pic.twitter.com\/VeY5G9eiPD<\/a><\/p>\n<p>\u2014 AV (@AureliusValue) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/AureliusValue\/status\/1624104045819330571?ref_src=twsrc%5Etfw\">February 10, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/fed-governor-waller-says-crypto-ecosystem-has-distinct-parts-with-varying-potential\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Fed governor Waller says crypto ecosystem has distinct parts with varying potential &#8220; The parts that make up the cryptocurrency ecosystem are not all equal, United States Federal Reserve Board governor Christopher Waller told a conference audience on Feb. 10. He had clear preferences among the three elements of the ecosystem that he identified&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":550472,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/cef73a71-c715-4db5-aa41-03b6dae75dc6.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74863,75554,75434,70550,70934],"class_list":["post-550471","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrencies","tag-dlt","tag-smart-contracts","tag-federal-reserve","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/550471","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=550471"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/550471\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/550472"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=550471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=550471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=550471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}