Fed joins MIT's digital currency initiative to explore Central Bank Digital Currency

Friday 4 September 2020 09:32 CET | News

The Federal Reserve Bank (FRB) has taken CBDCs seriously and has been engaged in efforts to research a path toward implementation.

On August 13, 2020, the FED published a paper called 'Comparing Means of Payment: What Role for a Central Bank Digital Currency?’ revealing how the Fed has gone about researching and testing technologies to support a CBDC, according to Forbes. Some steps taken by the Fed to research and study CBDCs in this environment include the establishment of a technology lab (TechLab) to build and test distributed ledger based solutions for CBDCs.

But most importantly it announced a partnership with MIT Digital Currency Initiative (DCI) with the Boston Fed taking the lead as the liaison with DCI. The multi-year partnership is aimed at building and testing a hypothetical CBDC. This research project will result in the open publication of results as well as the release of the resulting code base into open source.

To learn more about this topic, check out Douwe’s Lycklama, from Innopay, article here.

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Keywords: distributed ledger, CBDC, Fed, MIT Digital Currency Initiative, digital currency, US, Central banks, commercial banks
Categories: DeFi & Crypto & Web3
Countries: United States
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DeFi & Crypto & Web3

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