Posted on 11/24/2022 6:57:26 PM PST by ransomnote
Banking giants including BNY Mellon, Citi, U.S. Bank and Wells Fargo will be issuing tokens and settling transactions through simulated central bank reserves as part of the pilot.
The Federal Reserve Bank of New York’s Innovation Center, or NYIC, announced that it would be launching a 12-week proof-of-concept pilot for a central bank digital currency, or CBDC.
In a Nov. 15 announcement, the New York Fed said the program would 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” on a regulated liability network. Banking giants including BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, U.S. Bank and Wells Fargo will be participating in the pilot by issuing tokens and settling transactions through simulated central bank reserves.
“The NYIC looks forward to collaborating with members of the banking community to advance research on asset tokenization and the future of financial market infrastructures in the U.S. as money and banking evolve,” said NYIC Director Per von Zelowitz.
MORE AT LINK: https://cointelegraph.com/news/ny-fed-launches-12-week-cbdc-pilot-program-with-major-banks
I went to a place, maybe 40 years ago, that did exactly that.
You bought tokens upon entry, and used them inside
to buy drinks and tip the girls.
“Hard Hearted Hanna’s” in Savannah, Ga.
The hyperbole of Richard’s has always turned me off.
He sounds like the myriad of prognosticators of doom. One day….they might be right.
I must admit, I had somehow missed 14067 and might not have known about it, except for that
Brass and lead are the two most precious of the precious metals.
A few years before that when I was in the Ranger Batallion, a few times I went to the Emerald Room in Savasnnah . I don’t know if it lasted much beyond my days. I don’t remember using tokens there, but guess it could have been that way
Depending on Location, Canadian Dollars or Mexican Pesos.
There will always be a hard currency that people will mutually accept.
Pls explain how credit unions will be different or safer.
Thanks
You won’t be able to safeguard cash at a credit union. Any institution that clears transactions with a bank and uses fed facilities (Wires) will get swept up in this.
Disclosure: I work at one of the banks pioneering this, though not directly involved.
Ping
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