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Federal Reserve Bank of New York Kickoffs off 12-week Digital Dollar Pilot with Financial Titans

Seeking Alpha | Max Gottlich | Nov 15, 2022

Federal reserve bank of NY - Federal Reserve Bank of New York Kickoffs off 12-week Digital Dollar Pilot with Financial Titans

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A raft of the biggest players in the financials space said Tuesday that they're starting a 12-week digital dollar pilot along with the Federal Reserve Bank of New York's innovation center including global partners such as BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, and Wells Fargo.

  • Test Pilot: proof-of-concept experiment is set to explore the feasibility of an interoperable money platform, known as the regulated liability network, to see if financial settlements can improve and gain more speed.
    • Overall, the pilot, using distributed ledger technology, will test how lenders using simulated digital tokens settle through simulated central bank reserves on a shared database.
    • Findings will be released post-pilot.

See: 

According to CBDCTracker, these Central Banks have Launched a CBDC or Pilot Initiative as of Today

Rich Turrin: mBridge Pilot Demonstrates How CBDC Framework Can Avoid Sanctions (Part 1)

  • The move comes as many central banks explore the risks and benefits of creating a central bank digital currency, a digital representation of fiat currency issued by a central bank.
    • India's central bank, for instance, said it will introduce a wholesale CBDC pilot at the beginning of November, followed by a retail version shortly thereafter.

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NCFA Jan 2018 resize - Federal Reserve Bank of New York Kickoffs off 12-week Digital Dollar Pilot with Financial TitansThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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