In Basel Switzerland was where the Committee on payments and market infrastructure was held. Jerome Powell was one of the chairman the honored guest of the United States Federal Reserve.
However, in order to help CBDC deliver their public policy, a current report for the Bank for International Settlements (BIS) and a group of seven central banks which includes the FED, evaluated the practicability of CBDC in achieving that objective. The aforementioned was reported by Powell.
In order to improve cross-broader payments, the G-20 have called on the Financial Stability Board to construct a roadmap. In order to become independent of outdated technologies, the financial system can aid in removing existing obstacles for users.
Central Bank digital currencies, must be leveraged in line with other traditional methods like cash. As posited by the Federal Chairman Powell.
That way, institutions can meet the consumer demand for a digitized settlement system. He added:
The Covid crisis has brought into even sharper focus the need to address the limitations of our current arrangements for cross-border payments. And as this conference amply demonstrates, despite the challenges of this last year, we still have been able to make important progress.