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 including BNY Mellon, Citi, U.S. Bank and Wells Fargo could issue tokens and settle transactions through critical bank reserves simulated as part of the driver.
News
The Federal Reserve Bank of New York, or NYIC, Innovation Center has announced that it will be launching a 12-week proof-of-idea pilot project for a central bank virtual currency, or CBDC.
In a November 15 announcement, the New York Fed that this system could discover the feasibility of an "interoperable community of wholesale digital cash from central financial institutions and virtual money from commercial banks operating on a Distributed Ledger Shared to Multiple Entities" on a regulated legal liability community. Banking giants including BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, U.S. Bank and Wells Fargo can be participation < /a> inside the pilot through the issuance of tokens and the settlement of transactions through simulated large bank reserves.
“NYIC appears ready to engage with contributors from the banking community to bolster research on asset tokenization and the fate of financial market infrastructure in the United States. As treasury and banking evolve,” said NYIC Director Per von Zelowitz.
The proof-of-concept mission will test the "technical feasibility, prison viability, and business applicability" of distributed ledger technology, simulate tokens, and explore regulatory frameworks. The New York Fed said the venture could "likely be expanded into multi-forex operations and controlled stablecoins".
Related:
The release of the pilot company NYIC on its wholesale principal bank virtual foreign currency software on November 4th. The first part of the CBDC's trial, dubbed Project Cedar, changes spot trades to decide whether a blockchain solution may want to improve "the pace, fees, and access to cross-border wholesale payments."
Federal regulators in the United States have no longer reached a consensus on whether or not to launch a virtual dollar in the country, but businesses and individuals in the private region have explored the opportunity. Following US President Joe Biden's issuance of an executive order to organize a digital property framework, a few lawmakers in adopting regulations in the guide to a CBDC and how a digital greenback could possibly curb similar private sector innovations.
Banking giants including BNY Mellon, Citi, U.S. Bank and Wells Fargo could issue tokens and settle transactions through critical bank reserves simulated as part of the driver.
News
The Federal Reserve Bank of New York, or NYIC, Innovation Center has announced that it will be launching a 12-week proof-of-idea pilot project for a central bank virtual currency, or CBDC.
In a November 15 announcement, the New York Fed that this system could discover the feasibility of an "interoperable community of wholesale digital cash from central financial institutions and virtual money from commercial banks operating on a Distributed Ledger Shared to Multiple Entities" on a regulated legal liability community. Banking giants including BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, U.S. Bank and Wells Fargo can be participation < /a> inside the pilot through the issuance of tokens and the settlement of transactions through simulated large bank reserves.
“NYIC appears ready to engage with contributors from the banking community to bolster research on asset tokenization and the fate of financial market infrastructure in the United States. As treasury and banking evolve,” said NYIC Director Per von Zelowitz.
The proof-of-concept mission will test the "technical feasibility, prison viability, and business applicability" of distributed ledger technology, simulate tokens, and explore regulatory frameworks. The New York Fed said the venture could "likely be expanded into multi-forex operations and controlled stablecoins".
Related:
The release of the pilot company NYIC on its wholesale principal bank virtual foreign currency software on November 4th. The first part of the CBDC's trial, dubbed Project Cedar, changes spot trades to decide whether a blockchain solution may want to improve "the pace, fees, and access to cross-border wholesale payments."
Federal regulators in the United States have no longer reached a consensus on whether or not to launch a virtual dollar in the country, but businesses and individuals in the private region have explored the opportunity. Following US President Joe Biden's issuance of an executive order to organize a digital property framework, a few lawmakers in adopting regulations in the guide to a CBDC and how a digital greenback could possibly curb similar private sector innovations.
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