New York Fed launches 12-week CBDC pilot program with major banks
New York Fed launches 12-week CBDC pilot program with major banks
Banking giants such as BNY Mellon, Citi, U.S. Bank and Wells Fargo could issue tokens and settle transactions through simulated reserves major financial institutions as part of the pilot.
News
The Federal Reserve Bank of New York's Innovation Center, or NYIC, has announced that it will launch a 12-week proof-of-idea pilot project for Critical Financial Institution Virtual Forex, or CBDC .
In a November 15 statement, the New York Fed said the program could uncover the feasibility of an "interoperable network of wholesale precious banking virtual money and industrial banking digital money running on a disbursement ledger Multi-Entity Shared" on a Regulated Legal Liability Community. Banking giants like BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, U.S. Bank and Wells Fargo could be participation in the pilot using token issuance and transaction settlement through simulated relevant bank reserves.
"NYIC looks forward to engaging with members of the banking community to increase research on asset tokenization and the future of financial market infrastructure in the United States. As Money and Banking Evolve "said NYIC Director Per von Zelowitz.
The proof-of-concept challenge will verify the “technical feasibility, legal viability, and business applicability” of the allocated ledger era, as well as token simulation and discovery of regulatory frameworks. The New York Fed said the mission may want to "potentially expand to multi-currency operations and regulated stablecoins".
Related:
The publication of the pilot company NYIC on its virtual forex application for wholesale crucial financial institutions on November 4th. The first section of the CBDC's essay, dubbed Project Cedar, spot foreign exchange transactions to determine whether a blockchain solution may want to improve "speed, value, and access to cross-border wholesale payments".
Federal regulators in the United States no longer reached a consensus on whether or not to launch a virtual dollar in the United States, but agencies and people in the private quarter were exploring the possibility. Following US President Joe Biden's release of a government order to organize a framework on virtual assets, some lawmakers in passing rules in favor of a CBDC and how a digital dollar could curb similar improvements on the private side.< /p>
Banking giants such as BNY Mellon, Citi, U.S. Bank and Wells Fargo could issue tokens and settle transactions through simulated reserves major financial institutions as part of the pilot.
News
The Federal Reserve Bank of New York's Innovation Center, or NYIC, has announced that it will launch a 12-week proof-of-idea pilot project for Critical Financial Institution Virtual Forex, or CBDC .
In a November 15 statement, the New York Fed said the program could uncover the feasibility of an "interoperable network of wholesale precious banking virtual money and industrial banking digital money running on a disbursement ledger Multi-Entity Shared" on a Regulated Legal Liability Community. Banking giants like BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, U.S. Bank and Wells Fargo could be participation in the pilot using token issuance and transaction settlement through simulated relevant bank reserves.
"NYIC looks forward to engaging with members of the banking community to increase research on asset tokenization and the future of financial market infrastructure in the United States. As Money and Banking Evolve "said NYIC Director Per von Zelowitz.
The proof-of-concept challenge will verify the “technical feasibility, legal viability, and business applicability” of the allocated ledger era, as well as token simulation and discovery of regulatory frameworks. The New York Fed said the mission may want to "potentially expand to multi-currency operations and regulated stablecoins".
Related:
The publication of the pilot company NYIC on its virtual forex application for wholesale crucial financial institutions on November 4th. The first section of the CBDC's essay, dubbed Project Cedar, spot foreign exchange transactions to determine whether a blockchain solution may want to improve "speed, value, and access to cross-border wholesale payments".
Federal regulators in the United States no longer reached a consensus on whether or not to launch a virtual dollar in the United States, but agencies and people in the private quarter were exploring the possibility. Following US President Joe Biden's release of a government order to organize a framework on virtual assets, some lawmakers in passing rules in favor of a CBDC and how a digital dollar could curb similar improvements on the private side.< /p>
