Despite Crypto Woes, New York Fed Teams With Big Banks To Test Digital Dollar


The objective of the Regulated Liability Network U.S. Pilot is to check if the distributed ledger system is actually practical and can be implemented at scale to solve modern-day banking-related issues. The stakeholders involved in the pilot will collectively contribute toward setting up the technical and functional infrastructure of the digital dollar concept and will use those learnings for potentially building a user-facing system in the near future.

Findings of the experiment will be released once it’s over and, based on the reception, the RLN will be floated for future tests and bringing it into the mainstream. According to Bloomberg, distributed ledger system dealing with U.S. dollar tokens will make cross-border cash transfers significantly easier. 

Accenture is also exploring digital dollar opportunities with its Digital Dollar Project, which proposes using a digital, tokenized version of U.S. currency to make the existing financial infrastructure faster and more affordable. In September, the White House also proposed the usage of a United States central bank digital currency (CBDC) and has already commissioned research and development into a segment that is deemed central to the country’s role in the international financial system.



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