A group of major banks have commenced a pilot project alongside the NewYorkFed to test the feasibility of using tokens representing digital dollars to improve how central bank money is settled between institutions. By JamieCrawleyCD
A group of major banks have commenced a pilot project alongside the Federal Reserve Bank of New York to test the feasibility of using tokens representing digital dollars to improve how central bank money is settled between institutions.
Citi , HSBC , BNY Mellon and Wells Fargo are among the banks taking part, along with payments giant Mastercard ,The 12-week proof-of-concept pilot will explore the use of an interoperable platform known as the regulated liability network whereby banks issue tokens which are settled through simulated central bank money on a distributed ledger.
in pilots around wholesale CBDCs - fiat money in token form for exchange among financial institutions to improve existing clearing and settlement processes.
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