Head of BIS Innovation Center: Whether you like cryptocurrencies or not, central banks need to be prepared

Odaily Planet Daily News Cecilia Skingsley, head of the Bank for International Settlements (BIS) Innovation Center, said at the New York Fed Financial Technology Conference: Artificial Intelligence and Digital Assets that the Bank knows that it must stay ahead of the curve and needs to practice it personally. The mission of the Innovation Center is to research and investigate how new technologies, including cryptocurrencies, are changing the way central banks operate. Skingsley said the Bank for International Settlements knows it cannot ignore the digital asset space. “The experience of Libra in 2019 and everything that followed really made everyone realize that there are too many things happening in the technology field that we cannot ignore. No matter what, central banks need to be prepared. If the future is tokenized, if We want a future where tokenized assets are owned at scale, and what does that mean for central banks? And what kind of infrastructure do you have to have in place?” According to a new report from the Bank for International Settlements, researchers find that tokenization has huge potential to improve the efficiency and transparency of financial markets. However, the cryptocurrency itself has yet to prove its value, the report added. (Blockworks)