U.S. Banks to Test Feasibility of Digital Dollar with NY Fed

DailyCoin

Published Nov 16, 2022 03:55AM ET

Updated Nov 16, 2022 05:00AM ET

The Innovation Center of the New York Federal Reserve Bank (NYIC) has announced a 12-week CBDC Proof of Concept project.
The project will test “technical feasibility, legal viability, and commercial application,” through token simulations and study of regulatory frameworks.
The NY Fed stated that the initiative may include multi-currency operations and stablecoins.

Traditional financial institutions in the United States are taking the first steps to exploring digital currencies, even despite the cryptocurrency industry being rocked to its very foundations by the collapse of FTX. The news comes after a Tuesday, November 15th announcement, in which the New York Innovation Center (NYIC) revealed plans for Proof of Concept trials of a central bank digital currency (CBDC) that will last for 12 weeks.

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Online privacy is important, but I can turn it off.Computer security is important, but I can turn it off.Banking security is important, but I can use cash.Once the CBDC is in place, it is I who can be turned off.
— Curt Howland

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Written By: DailyCoin

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