The New York Federal Reserve’s Innovation Center (NYIC) announced today that it will launch a pilot program. 12-week proof-of-concept for central bank digital currency, or CBDC
In an announcement Nov. 15, NYIC saidThe project will explore the possibility of “An interoperable network of central bank wholesale digital money and commercial bank digital money operating on a shared multi-entity distributed ledger” in a regulated network.
Participating banking giants include BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, US Bank and Wells Fargo.participateIn a pilot project by issuing tokens and settling transactions through simulated central bank reserves.
“NYIC looks forward to collaborating with its members to advance research on tokens, assets and the future of financial market infrastructure in the United States. as money and banking evolve,” said NYIC director Per von Zelowitz.
This project will test “Technical Possibilities legal possibility The NYIC said the project could “continue to explore and enforce business” of the distributed ledger technology, as well as simulate tokens and explore regulatory frameworks. “Expanding to Operations in Multi-Currency and Regulated Stablecoins”
The post Federal Reserve Bank of New York 12-Week CBDC Pilot Program Launched with Major Banks Appeared First on Bitcoin Addict.