Fed’s Powell Says New Innovation Hub Will Help Central Bank Improve Payments

Jerome Powell waits to testify before the Senate Banking, Housing and Urban Affairs Committee on his nomination to become chairman of the U.S. Federal Reserve in Washington on Nov. 28, 2017. Joshua Roberts/Reuters

The New York Federal Reserve launched a new innovation center on Monday that will support the central bank as it explores the possibility of a digital currency and tackles other issues such as financial market infrastructure and regulation.

The center, in partnership with the Bank for International Settlements (BIS) Innovation Hub, will help the central bank improve the current payments system, Fed Chair Jerome Powell said in remarks prepared for a virtual event on Monday.