The Fed released the video message Powell sent to the conference titled “Pushing the Limits of Payments: Towards Faster, Cheaper, More Transparent and More Inclusive Cross-Border Payments” organized by the Payments and Market Infrastructures Committee.
Pointing out that the new type of coronavirus (Kovid-19) epidemic sheds light on the less efficient areas of the current payment system and accelerates the desire for improvement and digitalization, Powell explained that the Fed is doing its part to examine the role of new technologies.
Stating that the studies on the central bank digital currency are carried out by the Board of Directors in cooperation with the Boston Fed and Massachusetts Institute of Technology (MIT) researchers, Powell said in the report prepared by 7 central banks, including the Bank for International Settlements and the Fed. reminded that the feasibility of central bank digital currencies is being evaluated in helping them achieve their policy goals.
Powell, “One of the three basic principles highlighted in the report is that the central bank currency should coexist with cash and other types of money in a flexible and innovative payment system.” found the assessment.
Stating that the combination of policy makers, private sector representatives and all stakeholders, including academia, will achieve an improved payment ecosystem, Powell added that the crisis caused by the Kovid-19 outbreak brings the need to address the limitations of existing regulations for cross-border payments.
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