BIS Innovation Center partners with Federal Reserve to promote digital heritage

At the opening ceremony of the New York Innovation Center, the Federal Reserve Bank of New York announced it will work with the Innovation Center of the Bank for International Settlements (BIS). This initiative aims to explore the technology used to develop the global financial system.

"This partnership will support the analysis of the digital performance of the Fed, including the introduction of the CBDC, the digital banking fund," Federal Reserve Chairman Jerome Powell said on Monday in his opening remarks at the 'Innovation Center in New York. The program supports evaluations aimed at improving cross-border payments.

Powell said: "The technological changes and innovations over the past decade have led some to believe that we are at the fourth stage of digital transformation," said Powell. . "Yes, rapid changes, including the use of information technology, technological education, intelligence and big data, are changing the financial system."

The former Chief Transformation Officer of PwC Bank will lead the Innovation Center. The BIS Innovation Center, with offices in Hong Kong, Singapore, Toronto, London, Stockholm and elsewhere, supports some research on the integration of CBDCs into the payment and other infrastructures used by mid-sized banks in many countries. A survey by banks in January found that 86% of midsize businesses have decided to use CBDCs.

President Powell is currently holding a hearing before the Senate Banking Committee and is considering a second term as Fed chairman. He said in September that the Fed was "working together to improve CBDCs," but a total ban on cryptocurrencies was unlikely.