New York Fed and 9 Major Banks to Test ‘Interoperable Network of Central Bank Wholesale Digital Money’

New York Fed and 9 Major Banks to Test ‘Interoperable Network of Central Bank Wholesale Digital Money’


Nine major financial institutions and the Federal Reserve Bank of New York have started to experiment with a digital dollar proof of concept to see if distributed ledger technology can improve settlement between central banks, commercial banks, and regulated non-banks. The New York Fed details that the proof of concept will be done in a test environment and it will only leverage simulated data. The central bank’s New York branch further insists that the test is “not intended to advance any specific policy outcome.”

New York Fed Reveals 12-Week Proof of Concept to Test the Banks’ Regulated Liability Network

During the first week of November, Bitcoin.com News reported on the Federal Reserve Bank of New York completing the first phase of the digital dollar experiment

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