{"id":22112,"date":"2023-09-08T19:58:29","date_gmt":"2023-09-08T19:58:29","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/fed-vice-chair-barr-gives-update-on-cbdc-research-plugs-stablecoin-legislation\/"},"modified":"2023-09-08T19:58:31","modified_gmt":"2023-09-08T19:58:31","slug":"fed-vice-chair-barr-gives-update-on-cbdc-research-plugs-stablecoin-legislation","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/fed-vice-chair-barr-gives-update-on-cbdc-research-plugs-stablecoin-legislation\/","title":{"rendered":"Fed Vice Chair Barr gives update on CBDC research, plugs stablecoin legislation"},"content":{"rendered":"
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The Federal Reserve Bank vice chairman spoke at the Philadelphia Fed\u2019s fintech event on Sept. 8 about what the central bank\u2019s role is in financial innovation. Research and supervision was the short answer, with a nod to the FedNow Service.<\/p>\n
Along with the standard disclaimer about it making no decisions without congressional authorization, Barr provided an overview of the Fed\u2019s \u201ccurrent focus\u201d of central bank digital currency (CBDC) research. He characterized it as \u201cbasic research [\u2026] that might support a CBDC payments backbone, or for other purposes in the existing payments system.\u201d <\/p>\n
Specifically, Barr mentioned system architecture for recording transactions and ownership in ledgers and tokenization models. A FEDS Notes publication the same day on wholesale CBDCs also emphasized that \u201cthe technology associated with tokenized platforms is not incompatible with existing central bank money functioning as a settlement asset.\u201d<\/p>\n
\nThis payments speech from Michael Barr, vice chair for supervision at the Federal Reserve, features a punctuation mark rarely observed in Fedspeak: an exclamation point! https:\/\/t.co\/G8HIXuMvYx pic.twitter.com\/F3GJezrs3N<\/a><\/p>\n