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NY Fed establishes a center to test CBDCs and stablecoins



The Federal Reserve’s new New York Innovation Center (NYIC) will develop and test projects such as CBDCs (Central Bank Digital Currencies), stablecoins, and cross-border payments. Fed New York Branch Chief John Williams said :

We are very excited to announce the opening of the New York Innovation Center. The Centre's work will be fueled by new and different mindsets and experimentation as we leverage the expertise and connections of this strategic partnership. I look forward to working with our partners. We will begin to make progress in our focus areas and in our common endeavors.

The center is a result of the strategic partnership between the BIS (Bank for International Settlements) and the New York Fed. Jerome Powell also commented on the new innovation center: It is intended to promote collaboration and the exchange of know-how between central banks. During a virtual event to mark the launch of NYIC, he added:

In particular, the partnership will support our analysis of digital currencies, including central bank digital currencies. It will help improve our current payment system. With a particular focus on making cross-border payments faster and cheaper.

The head of the center comes from PwC

According to the announcement, the center will focus on a number of key areas. These include areas such as financial market infrastructures, technologies for supervision and regulation, the future of money, climate risks and open finance. Per von Zelowitz, a former PricewaterhouseCoopers (PwC) employee who joined the New York Fed in July, will lead the center.

During the event, Zelowitz stated that the future of money is an important focus area and is closely linked to the work of the Center for Digital Currencies. Zelowitz said it could also include specific work on stablecoins and cryptocurrencies, as well as other areas that may be relevant from the perspective of the center's stakeholders.

Agustín Carstens, Director General of the BIS, also attended the event. He said:

The center is not a think tank, it is a laboratory. It creates proof-of-concept and prototypes using new technologies. It organizes hackathons to connect with the entire community, explore technology, and collect ideas for projects.

BIZ also plans to open additional hubs in Canada and the European Economic Area.

The list of BIS innovation centers also includes Hong Kong, Singapore, and Switzerland. This year, the Hong Kong center demonstrated that distributed ledger technology and digital currencies can make cross-border payments cheaper and safer, including those made through specialized apps .

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