The Federal Reserve Board announced On 3 September it will organize an innovation conference of the payments on 21 October, where it will discuss Stablecoins, Defi and tokenization.
The conference will contain panel discussions about the convergence of traditional and decentralized financing, emerging stablecoin -oleus cases and business models, artificial intelligence applications in payments and tokenization of financial products and services.
Governor of the Federal Reserve Christopher Waller emphasized the focus of the conference on technological progress and stated that innovation has been constant payments to meet the changing needs of consumers and companies.
Waller noted his expectation for investigating opportunities and challenges that are presented by new technologies and at the same time collect ideas to improve the safety and efficiency of the payment system.
Building on recent focus on stablecoin
The conference follows discussions about Stablecoins on extensive federal open market committee during the meeting of 29-30 July, where officials have analyzed the consequences of the potential financial system after the adaptation of the Genius Act.
The extensive federal stablecoin work, signed on July 18, established the clarity of the regulations that FOMC members who were cited as a director for the expected growth in the use of the Stablecoin.
Minutes conducted revealed the recognition of officials of the potential benefits of stablecoins, in particular for the efficiency of the payment system and the increased demand for treasury effects that are used as collateral.
However, participants expressed their concern about the implications of a broader banking system and emphasized the need for close monitoring of Stablecoin support.
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The proactive approach to the Central Bank reflects a growing recognition of the relevance of digital payment systems for its monetary policy and responsibilities for financial stability.
Supportive attitude
Governor Waller has consistently supported blockchain-based payment innovation, recently stated “there is nothing scary” of defi-operations at the Wyoming Blockchain symposium.
He compared Defi transactions with conventional purchases from the bank card, the framing of smart contracts and distributed led by natural technological evolution instead of disturbing threats.
Waller has credited the development of Stablecoin with the worldwide renewal of the accessibility of dollars, in particular for the benefit of countries with high inflation that do not have affordable banking services.
He emphasized their potential to “maintain and expand the role of the dollar internationally” by 24/7 availability and rapid transferability.
The October conference represents the dedication of the FED to understand how emerging payment technologies can integrate with the existing monetary infrastructure and at the same time tackle regulatory challenges and opportunities in the developing digital payment landscape.
