Tall Timbers
Imperfect but forgiven
A number of global banking giants have partnered with the Federal Reserve Bank of New York for a 12-week digital dollar pilot program.
According to a statement from the New York Fed, the trial will “explore the feasibility of an interoperable network of central bank wholesale digital money and commercial bank digital money operating on a shared multi-entity distributed ledger.”
Specifically, the program will be testing “the technical feasibility, legal viability, and business applicability of distributed ledger technology to settle the liabilities of regulated financial institutions through the transfer of central bank liabilities.”
Mastercard, Wells Fargo, Citigroup, HSBC Holdings, PNC Financial Services, TD Bank, Truist Financial, and U.S. Bancorp are among the big banks that have partnered with the New York Fed’s New York Innovation Center for the pilot program.
https://townhall.com/tipsheet/leahbarkoukis/2022/11/16/digital-dollar-pilot-program-n2616018
According to a statement from the New York Fed, the trial will “explore the feasibility of an interoperable network of central bank wholesale digital money and commercial bank digital money operating on a shared multi-entity distributed ledger.”
Specifically, the program will be testing “the technical feasibility, legal viability, and business applicability of distributed ledger technology to settle the liabilities of regulated financial institutions through the transfer of central bank liabilities.”
Mastercard, Wells Fargo, Citigroup, HSBC Holdings, PNC Financial Services, TD Bank, Truist Financial, and U.S. Bancorp are among the big banks that have partnered with the New York Fed’s New York Innovation Center for the pilot program.
https://townhall.com/tipsheet/leahbarkoukis/2022/11/16/digital-dollar-pilot-program-n2616018