##ify in the months ahead. 11. it is heartening that there is coordination among developed countries in the management of the crisis. that is welcome and necessary, but not sufficient. in as much as emerging and developing economies are likely to be increasingly impacted by the crisis, going forward two things are necessary. first, in managing the crisis, the implications of that management for emerging and developing economies should be explicitly factored in. second, emerging and developing economies should be taken into confidence and consulted whenever the policies and actions of the developed countries have implications for them.

michelle neal : advances in digital currency experimentation remarks by ms michelle neal, executive vice president and head of markets of the federal reserve bank of new york, at the singapore fintech festival 2022, singapore, 4 november 2022. * * * as prepared for delivery good afternoon. it is a pleasure to be here with you at the singapore fintech festival. it is exciting to be a part of this gathering of industry professionals, policy leaders, and investors to discuss key developments in the fintech industry. digital innovation has the potential to benefit the financial system writ large by reducing transaction costs, increasing competition, and broadening access to a wider range of participants. however, harnessing the full potential of financial innovation and related technologies – especially regarding cross - border settlements and payments – will require collaboration across a range of international partners. in my remarks today i will discuss the landscape of digital assets and some of the ways that the federal reserve system is engaging in research and experimentation that support ongoing innovation. as always, the views i express today are my own, and do not necessarily reflect those of the federal reserve bank of new york or the federal reserve system. digital assets and the federal reserve we are all experiencing the incredible pace of growth and change within the digital asset domain, which encompasses a range of opportunities and risks. the market capitalization of digital assets reached $ 3 trillion in november 2021. 1 the rapid growth of digital assets presents opportunities to both reinforce the role of central banks and regulatory bodies in stewardship of the global financial system and be positioned at the technological frontier. however, this growth is not without risks : in may, the crash of terra, an unbacked algorithmic stablecoin, and the subsequent wave of insolvencies, wiped out over $ 600 billion of investor and consumer funds. 2, 3 currently, the total cryptoasset market capitalization rests around $ 1 trillion, a 66 percent decline from its november 2021 peak. when i consider the ways in which digital assets impact the mission of the federal reserve, i see several channels – including monetary policy and the provision of an elastic currency, the preservation of financial stability, and the smooth operation of the payments system. regarding monetary policy and currency, in january, the federal reserve released a discussion paper that considers a future where digital assets may play a large role in our financial system, and in particular, establishes some broad principles and outlines some of the pros and cons of a central bank digital currency, or cb