The payment landscape is about to fundamentally change, says the Federal Reserve Bank of New York CEO.
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 and stablecoins backed by safe, liquid assets have the potential for innovation, he continued.Williams did not elaborate on the possible future impact of digital currency.
An ON RRP is an agreement that a Federal Reserve bank will sell a security to an eligible financial institution and buy it back the next day for the
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