NY Fed president urges colleagues to prepare for coming digital payment transformation
Cointelegraph
Published Jun 01, 2022 04:30PM ET
Updated Jun 01, 2022 06:00PM ET
Get ready for a fundamental change in money and payments, John Williams, president and CEO of the Federal Reserve Bank of New York, told central bank officials, academics and financial industry leaders from around the world on Wednesday. Williams delivered the opening remarks at an invitation-only workshop on monetary policy implementation co-hosted by the New York Fed and Columbia University.
The central banker dismissed much of the digital asset space with a single-sentence observation that not all cryptocurrencies are backed by non-crypto assets. Central bank digital currencies (CBDCs) and stablecoins backed by safe, liquid assets have the potential for innovation, he continued.
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Written By: Cointelegraph
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