A New York Fed symposium this week laid out the puzzle central bankers face in dealing with emerging digital technologies that range from new ways to process payments to new asset categories like cryptocurrencies and stablecoins.
Create a substitute in the form of a central bank digital currency, and new instabilities could emerge - including the potential for a digital dollar or euro to replace conventional bank deposits and compete with money market funds and other key financial instruments.
The Fed is debating whether to develop a digital currency, as are most central banks around the world. A decision has not been made, and officials say it would take congressional approval to move forward. "What if the central bank no longer has money that is relevant either at the retail or the wholesale levels? In that case the central bank could start losing traction," in its monetary policy, Eswar Prasad, a Cornell University professor and author of the recent book"The Future of Money" on the topic, said on the sidelines of the conference.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New York Fed's Logan: Digital innovation could require change in central bank methodsNEW YORK : Innovations in digital payments and the potential adoption of a central bank digital currency could force central banks to overhaul how they conduct monetary policy, potentially increasing their balance sheets and the tools used to control interest rates, Lorie Logan, executive vice president of the N
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
New York subway shooting victim sues GlockLockheed and Boeing look out NOT
Source: STForeignDesk - 🏆 4. / 71 Read more »
Harvey Weinstein’s rape conviction upheld by New York appeals courtA New York appeals court on Thursday upheld Harvey Weinstein's rape and sexual assault conviction, rejecting the disgraced movie producer's arguments that the trial judge made several errors that tainted the trial.Weinstein was appealing his February 2020 conviction and 23-year prison sentence for assault
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
New Mercedes-Benz GLC brings more tech and new hybrid drivetrainsSTUTTGART, Germany - Mercedes-Benz has revealed the latest generation of its strong-selling GLC SUV, and the major highlights include a significant increase in size, a upgraded C-Class-inspired interior with more tech, and a range of new hybrid drivetrains, including no less than three plug-in hybrid variants. There is no confirmation for the new GLC’s Singapore debut as of yet, but...
Source: asiaonecom - 🏆 10. / 59 Read more »
Alcaraz looking to improve focus to clinch maiden Grand Slam titlePARIS : Carlos Alcaraz has reached two Grand Slam quarter-finals and lost both but the teenage sensation has no doubt he will soon win a major, once he improves his concentration.The 19-year-old Spaniard was knocked out in the last eight of the French Open in a 6-4 6-4 4-6 7-6(7) defeat to German third se
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
S Korea's KNOC to focus on energy security, push cleaner fuels goal- CEODAEGU, South Korea : South Korea's state-run Korea National Oil Corp (KNOC) is looking to secure more oil and gas, while stepping up energy transition efforts to become carbon neutral by 2030, its CEO said.The Asian country is the world's fourth-largest oil importer after China, India and Japan, importing
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »