speech the song remains the same june 01, 2022 john c. williams, president and chief executive officer remarks at the new york fed and columbia sipa monetary policy implementation workshop, new york city as prepared for delivery good morning, everyone. i'd like to give my thanks to columbia university's school of international and public affairs for partnering with the new york fed once again and for hosting us today. it's wonderful to be here and to see so many colleagues who have traveled from near and far to attend this workshop. we'll have many important conversations over the next two days. to kick us off, i'm going to share some observations on the digital transformation of money and payments. i'll also discuss the potential implications for monetary policy implementation and for central banks more broadly. before i begin, i must give the standard fed disclaimer that the views i express here are my own and do not necessarily reflect those of the federal open market committee ( fomc ) or anyone else in the federal reserve system. i will get to payments technology in a minute. but first allow me to take you back to the year 1877. you're amazed at the sound of music coming out of a new inventiona€ ” the phonograph. fast - forward a century, and you're listening to your favorite band on a cassette tape. in the 1980s, it's a cd. in the 2000s, you're scrolling through the greatest hits on your ipod. and today, perhaps even on your way here, you listened to a streaming service on your phone or watch using voice commands. there's been much innovation over the years, and many improvements in terms of convenience and costs, but at the most basic level we are still doing the same thing : enjoying music. it's how we're doing it that's changed. the same is true with money and payments. both are fundamentally changing through technological transformations. as happened with the delivery of music, the pace of technological advancement is accelerating, and it's clearing the way to do things faster or more efficiently. on top of that, the development of digital currencies has boomed. this includes cryptocurrencies that are not fully backed by other assets. it also includes stablecoins that are fully backed by safe and liquid assets, and central bank digital currencies ( cbdc ). both stablecoins and cbdc that are fully backed by safe assets have the

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