International Work
The Federal Reserve participates in numerous international standard-setting bodies, including the Committee on Payments and Market Infrastructures, the Financial Stability Board, and the Basel Committee on Banking and Supervision. Much of their work is relevant to financial innovation, and the risks and benefits it presents. Below are a sample of papers and reports the groups have published. In many cases, Federal Reserve staff played a central role in producing the documents.
Central Bank Digital Currency
- Bank of Canada, European Central Bank, Bank of Japan, Sveriges Riksbank, Swiss National Bank, Bank of England, Board of Governors of Federal Reserve System, Bank for International Settlements, "Press release: Central banks and the BIS explore what a retail CBDC might look like" (September 2021).
- Bank of Canada, European Central Bank, Bank of Japan, Sveriges Riksbank, Swiss National Bank, Bank of England, Board of Governors of Federal Reserve System, Bank for International Settlements, Central bank digital currencies: foundational principles and core features (PDF) (October 2020).
- G7, Public Policy Principles for Retail Central Bank Digital Currencies (CBDCs) (PDF) (October 2021).
- Committee on Payments and Market Infrastructures, Markets Committee, Central bank digital currencies (PDF) (March 2018).
Stablecoins
- Committee on Payments and Market Infrastructures, Board of the International Organization of Securities Commissions, Application of the Principles for Financial Market Infrastructures to stablecoin arrangements (PDF) (October 2021).
- Financial Stability Board, Assessment of Risks to Financial Stability from Crypto-assets (PDF) (February 2022).
- Financial Stability Board, Regulation, Supervision, and Oversight of "Global Stablecoin" Arrangements: Progress Report on the implementation of the FSB High-Level Recommendations (PDF) (October 2021).
- Financial Stability Board, Regulation, Supervision, and Oversight of "Global Stablecoin" Arrangements: Final Report and High-Level Recommendations (PDF) (October 2020).
- G7 Working Group on Stablecoins, Investigating the impact of global stablecoins (PDF) (October 2019).
- Committee on Payments and Market Infrastructures, Digital currencies (PDF) (November 2015).
Distributed Ledger Technology
- Financial Stability Board, Decentralised financial technologies: Report on financial stability, regulatory and governance implications (PDF) (June 2019).
- Committee on Payments and Market Infrastructures, Distributed ledger technology in payment, clearing and settlement — an analytical framework (PDF) (February 2017).
Cross-Border Payments
- Financial Stability Board, Enhancing Cross-border Payments — Stage 1 report to the G20 (PDF) (April 2020).
- Committee on Payments and Market Infrastructures, Enhancing cross-border
- payments: building blocks of a global roadmap, Stage 2 report to the G20 (PDF) (July 2020).
- Financial Stability Board, Enhancing Cross-Border Payments: Stage 3 Roadmap (PDF) (October 2020).
- Financial Stability Board, G20 Roadmap for Enhancing Cross-Border payments: First consolidated progress report (PDF) (October 2021).
Other
- Financial Stability Board, BigTech in finance: Market developments and potential financial stability implications (PDF) (December 2019).
- Financial Stability Board, Third-party dependencies in cloud services: Considerations on financial stability implications (PDF) (December 2019).
- Basel Committee on Banking and Supervision, Report on open banking and application programming interfaces (APIs) (PDF) (November 2019).