BIS Innovation Center Partners with Federal Reserve to Support Digital Asset Analysis

The Federal Reserve Bank of New York has announced that it will partner with the Bank for International Settlements (BIS) Innovation Hub as part of its New York Innovation Center launch program, which aims to explore new technologies for developing the global financial system. Technology.

Speaking at the opening of the New York Innovation Center on Monday, Federal Reserve Chairman Jerome Powell said the partnership will support the agency's analysis of digital currencies, including the launch of a central bank digital currency (CBDC). ). The center plans to support analysis aimed at improving cross-border payment systems.

Powell said: "The speed of technological change and innovation over the past decade has led some to believe that we are on the verge of a fourth industrial revolution - the digital revolution. Of course, rapid innovation, including through the application of advanced digital technologies, machine learning, artificial Intelligence and big data are revolutionizing the financial industry."

Per von Zelowitz, former banking transformation director at PwC, will lead the innovation centre. With offices in Hong Kong, Singapore, Toronto, London, Stockholm and more, the BIS Innovation Center has supported research projects aimed at integrating CBDCs into payment systems in different countries and other infrastructure used by central banks. A January survey by the Bank for International Settlements showed that 86 percent of major central banks are actively exploring the introduction of CBDCs.

Powell's comments came as he awaited a hearing before the Senate Banking Committee on his nomination for re-election as Fed chair. He said in September that the Fed was "working aggressively to issue a CBDC," but was unlikely to support a blanket ban on cryptocurrencies.

Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.