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  4. NY Fed official: Digital dollar could speed foreign exchange settlement
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NY Fed official: Digital dollar could speed foreign exchange settlement

By Michael S. Derby (Reuters) - A top Federal Reserve Bank of New York official said on Friday that the bank sees promise in using a central bank digital dollar to speed up...
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NY Fed official: Digital dollar could speed foreign exchange settlement © Reuters.

By Michael S. Derby

(Reuters) - A top Federal Reserve Bank of New York official said on Friday that the bank sees promise in using a central bank digital dollar to speed up settlement time in foreign exchange markets.

Michelle Neal, who is head of the bank's Markets Group, did not say anything involving a central bank digital currency, or CBDC, was imminent. But she explained that research efforts at the bank identified how this type of money could benefit a key part of the financial system.

Foreign exchange spot transactions "are critical in the context of cross-border payments, and serve as a building block for longer, more complex transactions," Neal said in the text of remarks to be given before a conference in Singapore. She noted that settlement of these trades take about two days, "which leaves some room for improvement."

According to the research effort, a Fed digital dollar, used in a wholesale capacity, and the technology to record transactions "results in instant and atomic settlement."

Neal said the research work "indicated that settlement could occur in fewer than 10 seconds on average and that horizontal scaling was possible."

The Fed has been exploring for some time how it can launch a fully digital dollar that some have referred to as Fedcoin. Fed leaders have said that any launch of such an asset would need the support of elected leaders.

Some central bankers have questioned whether a CBDC for the U.S. is even needed at all.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

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EUR/USD

1.0658

-0.0008 (-0.07%)

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GBP/USD

1.2475

-0.0015 (-0.12%)

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USD/JPY

157.91

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↑ Buy

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AUD/USD

0.6469

-0.0003 (-0.05%)

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Neutral

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USD/CAD

1.3780

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EUR/JPY

168.32

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EUR/CHF

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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