Beautiful Virgin Islands

Wednesday, Nov 30, 2022

New York Federal Reserve and multiple global banking giants start a 12-week "digital dollar" pilot

Citigroup Inc C.N, HSBC Holdings Plc HSBA.L, Mastercard Inc MA.N and Wells Fargo & Co WFC.N are among the financial companies participating in the experiment alongside the New York Fed's innovation center, they said in a statement. The project, which is called the regulated liability network, will be conducted in a test environment and use simulated data, the New York Fed said.

The pilot will test how banks using digital dollar tokens in a common database can help speed up payments.

Earlier this month, Michelle Neal, head of the New York Fed's market's group, said it sees promise in using a central bank digital dollar to speed up settlement time in currency markets.



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