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NY Fed launches 12-week CBDC pilot program with major banks
cointelegraph.com ^ | Nov 15, 2022 | Turner Wright

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



TOPICS: Miscellaneous
KEYWORDS: bitcoin; blockchain; cbdc; cryptocurrency
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To: LegendHasIt

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.


41 posted on 11/24/2022 9:06:08 PM PST by Repeal The 17th (Get out of the matrix and get a real life.)
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To: SaveFerris

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.


42 posted on 11/24/2022 9:06:19 PM PST by Vermont Lt
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To: Vermont Lt

I must admit, I had somehow missed 14067 and might not have known about it, except for that


43 posted on 11/24/2022 9:11:26 PM PST by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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To: Kalam
Jeez, I don’t have near enough of a stockpile of metals including brass and lead. Good Idea.

Brass and lead are the two most precious of the precious metals.

44 posted on 11/24/2022 9:12:46 PM PST by noiseman (The only thing necessary for the triumph of evil is for good men to do nothing.)
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To: Repeal The 17th

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


45 posted on 11/24/2022 9:54:36 PM PST by LegendHasIt
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To: packagingguy

Depending on Location, Canadian Dollars or Mexican Pesos.

There will always be a hard currency that people will mutually accept.


46 posted on 11/25/2022 1:58:44 AM PST by SPDSHDW (Ya’ll knew he was installed via fraud, and chose to do nothing. Enjoy the roller coaster ride.)
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To: struggle

Pls explain how credit unions will be different or safer.
Thanks


47 posted on 11/25/2022 4:13:44 AM PST by RebelTXRose (Our Lady of Fatima, Pray for us! PRAY THE ROSARY!)
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To: struggle

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.


48 posted on 11/25/2022 4:41:19 AM PST by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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To: Freedom56v2

Ping


49 posted on 12/13/2022 3:53:23 AM PST by EBH
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