The Federal Reserve has announced a conference scheduled for October 21, aimed at discussing improvements to the payment system with a focus on cryptocurrency and artificial intelligence.
Objectives of the Conference
The conference will address the convergence of traditional and decentralized finance, new business models for stablecoins, and the tokenization of financial products and services. It will also explore the intersection between payments and AI.
Federal Reserve's Role in Payments
The Federal Reserve is heavily involved in the payments space, managing the FedNow real-time payments program, which has around 1,400 participating banks and processes $2.7 billion in daily transactions. Governor Christopher Waller emphasized the necessity for the Fed to engage with innovators in the industry.
Support for Rate Cuts
In addition, Waller has expressed support for interest rate cuts, indicating that current labor market pressures could expedite this process. He stressed that rate cuts should depend on the prevailing economic data.
The Federal Reserve's conference on October 21 is set to be a significant event in addressing payment solutions and the application of new technologies in the financial sector.
