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The Fed and MIT publish technical research on central bank digital currencies

We saw the release of technical research and open source code that could form the basis for digitizing the dollar. There were no definite plans to develop a CBDC to be mentioned in the paper, as any decision, according to reports, must first be made by Congress. On Feb. 3, executive vice president at the Boston Fed, Jim Cunha, said: “No decision has been made to move past this research phase, but if a CBDC were launched, it would be something that would need to evolve over time. Not yet a digital dollar The development of the CBDC will take several years under a program called “Project Hamilton”. Its first phase will focus on developing software that is “flexible and resilient,” the report said. The experimental code is capable of 1.7 million transactions per second, with most of them completed within 2 seconds, according to the researchers. The researchers said features such as intermediaries or fees could be added after policymakers decide the best way forward for the digital currency. The Fed and MIT will look at security, privacy and programmability in the next phase of the investigation. It could go a long way, though, as US policymakers are known to be lenient when it comes to digital finance technologies. According to a Bank of America report released last month, the US will launch a CBDC by 2030. Fed Chair Jerome Powell has said the country should do well rather than try to be first. China steams ahead America has already lost that race, as China picks up steam and India will follow. China’s digital yuan has a world premiere at the Beijing Winter Olympics. International visitors to the Olympic Village will be able to experience the CBDC for the first time, according to reports. Last month, the People’s Bank of China (PBoC) announced that 261 million individuals, or about a fifth of the country’s population, have now set up digital yuan wallets. India is also catching up with reports suggesting it will launch its own CBDC next fiscal year. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 Free and 10% Off Fees on Binance Futures First Month (Terms and Conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to get 25% off trading fees.
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