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Federal Reserve Governor Christopher J. Waller spoke at the Global Interdependence Center Conference on digital money and decentralized finance.
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He described cryptocurrency as a speculative asset, like a baseball card.
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Waller warned about several prominent crypto-related firms filing for bankruptcy and the risk of fraud and scams.
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He expressed concerns about banks and financial intermediaries engaging in crypto activities and highlighted the need to meet "know your customer" and "anti-money laundering" requirements.
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Waller is skeptical of central bank digital currencies (CBDCs).
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He has previously said he is not a fan of the Fed issuing a digital dollar.
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Both retail and institutional investors have suffered during the "crypto winter".
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The Fed governor's warning pertains to the danger of investing in cryptocurrency.
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He does not endorse cryptocurrency as an investment.
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Waller is open to being convinced about the value of CBDCs.