The Fed released the video message Powell sent to the conference entitled “Pushing Limits on Payments: Towards Faster, Cheaper, More Transparent and More Inclusive Cross Border Payments” organized by the Committee on Payments and Market Infrastructures.
Noting that the new type of Corona virus (Covid-19) epidemic sheds light on the least efficient areas of the current payment system and accelerates the desire for improvement and digitization, Powell explained that the Fed did its part to examine the role of new technologies.
Stating that the central bank’s digital currency studies are conducted by the Board of Directors in cooperation with researchers from the Boston Fed and the Massachusetts Institute of Technology (MIT), Powell said in the report by 7 central banks , including Bank for International. The settlements and the Fed, central banks to achieve their public policy goals. He recalled that the viability of the central bank’s digital currencies is being evaluated to help.
“One of the three basic principles highlighted in the report is that the central bank currency must coexist with cash and other types of money in a flexible and innovative payment system,” Powell said. found the evaluation.
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 Covid-19 outbreak brings the need to address the limitations of existing regulations for border payments.