Fed Powell says new innovation center will help central bank improve payments Reuters

© Reuters. File photo: Jerome Powell awaits testimony before the Senate Committee on Banking, Housing and Urban Affairs on his nomination as the Chairman of the Federal Reserve in Washington, USA, November 28, 2017.Reuters/Joshua Roberts

(Reuters)-The Federal Reserve Bank of New York on Monday launched a new innovation center that will support the central bank in exploring the possibilities of digital currencies, assessing financial risks related to climate change, and addressing other issues such as financial market infrastructure And regulations.

Federal Reserve Chairman Jerome Powell said in a speech prepared for Monday’s virtual event that the center, in cooperation with the Bank for International Settlements (BIS) Innovation Center, will help the central bank improve the current payment system.

“In particular, this partnership will support our analysis of digital currencies including central bank digital currencies,” Powell said, adding that the center will focus on making cross-border payments faster and cheaper, and provide new Tools to help supervise financial companies.

Powell did not comment on his outlook for economic or monetary policy in his speech.

The Fed is exploring whether it should launch a digital version of the U.S. dollar, and the Fed’s board of directors is preparing a discussion paper to discuss policy issues surrounding the central bank’s digital currency.

Researchers at the Federal Reserve Bank of New York have also developed a method to measure banks’ exposure to climate-related risks, which may be an early step in assessing whether financial institutions have enough capital on hand to withstand these risks.

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