NY Fed Launches Fintech Research Wing With BIS Help

Posted on by American Coins & Gold

NY Fed Launches Fintech Research Wing With BIS Help
The Federal Reserve Bank of New York launched the New York Innovation Center (NYIC) to build and test new financial technology including central bank digital currencies (CBDC), stablecoins and cross-border payments, the central bank division announced Monday.The NYIC is the result of a strategic partnership between the New York Fed and the Bank for International Settlements’ (BIS) Innovation Center. Jerome Powell, chair of the U.S. Federal Reserve, said the innovation center will foster collaboration and the sharing of expertise among central banks, during a virtual event marking the launch of the NYIC.“In particular, the partnership will support our analysis of…