Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Fed's Powell says new innovation hub will help central bank improve payments

11/29/2021 | 03:07pm EST
FILE PHOTO: Jerome Powell testifies on his nomination to become chairman of the U.S. Federal Reserve in Washington

(Reuters) - The New York Federal Reserve launched a new innovation center on Monday that will support the central bank as it explores the possibility of a digital currency, assesses the financial risks associated with climate change and tackles other issues such as financial market infrastructure and regulation.

The center, in partnership with the Bank for International Settlements (BIS) Innovation Hub, will help the central bank improve the current payments system, Fed Chair Jerome Powell said in remarks prepared for a virtual event on Monday.

"In particular, the partnership will support our analysis of digital currencies--including central bank digital currencies," said Powell, adding that the center would focus on making cross-border payments faster and less expensive and provide new tools to help supervise financial firms.

Powell did not comment on his outlook for the economy or monetary policy in his remarks.

The Fed is in the process of exploring whether it should launch a digital version of the U.S. dollar, and the Fed board is working on a discussion paper that would explore the policy issues surrounding a central bank digital currency.

Researchers at the New York Fed have also developed an approach to measuring banks' exposures to climate-related risks, potentially an early step toward assessing whether financial institutions have enough capital on hand to withstand them.

(Reporting by Jonnelle Marte)


ę Reuters 2021
Latest news "Economy & Forex"
06:23aFormer Ukrainian president lands in Kyiv to face treason case
RE
06:21aAmazon halts ban on UK-issued Visa credit cards
RE
06:18aGold firms on weak dollar; higher Treasury yields weigh
RE
06:16aNigerian annual inflation at 15.63% in December -stats office
RE
06:11aGSK : Liberum raises target price to 1870p from 1700p
RE
06:07aGlobal jobs recovery delayed by pandemic uncertainty, Omicron, ILO says
RE
06:06aDiscord over Myanmar as ASEAN postpones year's first meeting
RE
06:05aCold-case investigation leads to surprise suspect in Anne Frank's betrayal
RE
06:03aFamily of Martin Luther King Jr. to lead Washington march for voting rights
RE
05:58aGfh financial group ceo says infracorp seeking investors in fund, initially cutting gfh's ownership to 40%
RE
Latest news "Economy & Forex"