The vice chairman of the Federal Reserve Bank gave a speech about the central bank's role in financial innovation at the Philadelphia Fed's fintech event on September 9-8. Research and surveillance - this was a short answer with a hint of the FedNow service.Along with a standard statement to refuse to make a decision without permission from Congress, Barr outlined the Fed's ongoing attention to the central bank's research on digital currencies (CBDC). He described it as a fundamental work... Paid pay system that can support the CBDC pay system or be used for other purposes in the existing pay system. In particular, Barr spoke about the architecture of the system for transaction registration and ownership in accounting ledgers and tokenization models. The FBI cites a publication about CBDC wholesalers on the same day as followshe stressed that the technology related to tokenized platforms is not compatible with the current central bank money functioning as a settlement asset. This pay order from Michael Barr, Vice Chairman of the Federal Reserve Supervisory Board, contains a punctuation mark rarely seen in the Fed's speech: an exclamation mark! https://t.co/G8HIXuMvYx pic.twitter.com/F3GJezrs3NBarr He reminded his listeners of the new Fed's action program, which was introduced last month. This special team of regulatory agencies can provide feedback that will allow a federally controlled bank to obtain, among other things, the written confirmation of the supervisory authority that there are no objections regarding its new activities related to stable coins. Barr said this activity was in compliance with the Office of the Comptroller of the Currency.OCC) in explanatory letters in 1174 and 1179. The strict federal oversight of stable coins envisioned in the OCC letters serves the Fed's interests, Barr said, because a stable coin pegged to the dollar inspires confidence in the central bank.He expressed gratitude for the ongoing legislative efforts: The Fed has equipped large banks, regional banks, community banks and credit unions with funds so that 24-hour direct payments can be widely used through the FedNow service, introduced in July, Barr said. He added that the current service delivery volumes are small, but there are protective institutions that need to make this service available.Magazine: Unstable money: Bankruptcies, bank bankruptcies and other risks are approaching