Jane Edwards
Jerome Powell, chair of the Board of Governors of the Federal Reserve System, said the newly established New York Innovation Center at the Federal Reserve Bank of New York has formed a strategic partnership with the Bank for International Settlements Innovation Hub to support the agency’s analysis of digital currencies.
“In particular, the partnership will support our analysis of digital currencies—including central bank digital currencies; help to improve our current payment system—with a particular focus on making cross-border payments faster and less expensive; and it will provide new tools to aid our supervision of the financial system,” Powell said in his opening remarks during the center’s launch Monday.
The Federal Reserve’s innovation center is meant to advance efforts to explore new technologies to help enhance the global financial system. The BIS Innovation Hub was formed to promote knowledge sharing, collaboration and dialogue among central banks and other institutions.
Powell’s remarks came a week after President Joe Biden nominated him for a second term as chair of the Federal Reserve.
The Potomac Officers Club will host a virtual forum on Jan. 27 to offer the GovCon community an insight into the national security aspect of digital currencies. Click here to register.
