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Federal Reserve chair Jerome Powell said the partnership would support the agency’s analysis of digital currencies, including the rollout of a central bank digital currency, or CBDC. The center plans to support analyses aimed at improving cross-border payment systems.
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“The pace of technological change and innovation over the last decade has led some to argue that we are on the brink of a fourth industrial revolution — a digital revolution,” said Powell. “Certainly, rapid innovation, including through the application of advanced digital technologies, machine learning, artificial intelligence, and big data, is revolutionizing the financial sector.”
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