Federal Reserve Governor Waller: No Need to Worry About Using Smart Contracts, Tokenization, or Distributed Ledgers in Everyday Transactions

BlockBeats News, August 26 — Recently, Federal Reserve Governor and leading candidate for the next Fed Chair, Waller, delivered a public speech titled "Technological Advancements in Payments" at the Wyoming Blockchain Symposium. He pointed out that payment systems are undergoing a "technology-driven revolution," with the latest advances in computing power, data processing, and distributed networks fueling the growth of innovative payment services.

Waller stated that three things happen in any payment transaction, and the same process applies in the world of cryptocurrency. "I buy a meme coin and use a stablecoin as the means of payment. The transaction is executed via a smart contract. Finally, the transaction is recorded on a distributed ledger. This is not something to be afraid of just because it happens in the world of decentralized finance or DeFi—it's simply a new technology for transferring assets and recording transactions. There is nothing to be afraid of when thinking about using smart contracts, tokenization, or distributed ledgers in everyday transactions."

Waller noted that the Federal Reserve is also conducting technical research on the latest wave of innovation, including tokenization, smart contracts, and artificial intelligence in the payments sector.