Banking giants and New York Fed start 12-week digital dollar pilot

[ShruteSastry]

Global banking giants are starting a 12-week digital dollar pilot with the Federal Reserve Bank of New York, the participants announced on Tuesday.

Citigroup Inc , HSBC Holdings Plc (HSBA.L), Mastercard Inc (MA.N) and Wells Fargo & Co (WFC.N) are among the financial companies participating in the experiment alongside the New York Fed's innovation center, they said in a statement. The project, which is called the regulated liability network, will be conducted in a test environment and use simulated data, the New York Fed said.

The pilot will test how banks using digital dollar tokens in a common database can help speed up payments.

Earlier this month, Michelle Neal, head of the New York Fed's market's group, said it sees promise in using a central bank digital dollar to speed up settlement time in currency markets.

[ShruteSastry]

https://www.nasdaq.com/articles/banking-giants-and-new-york-fed-start-12-week-digital-dollar-pilot

[Spartan]

Digital Rupee

https://www.ledgerinsights.com/india-central-bank-retail-cbdc-digital-rupee-trials/

[ManOffSteel]

This will further weaken bitcoin and other crypto currencies..

[phatposts]

54 minutes ago, ManOffSteel said:

This will further weaken bitcoin and other crypto currencies..

cheppalem kada. some crypto pundits may say - this shows why e-currency works. EOD banks win but if crypto land can coexist with currency markets why not.