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The Fed Plans to Unveil Digital Dollar Prototypes in July

The Federal Reserve is actively working on a central bank digital currency and some prototypes are near completion. The Federal Reserve Bank of Boston and the Massachusetts Institute of Technology (MIT) plan to unveil two prototypes of a digital dollar as early as July. Digital Dollar Prototypes Coming Soon Federal Reserve Chairman Jerome Powell said last week as part of an event held by the Bank for International Settlements (BIS) on central bank digital innovation that the U.S. central bank is actively exploring the launch of a digital dollar. The U.S. Federal Reserve has been actively working on a central…

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Federal Reserve Bank reveals details of digital dollar research

The Federal Reserve Bank has been exploring digital currencies to modernize the U.S. payments sector. The President and CEO of the Federal Reserve Bank of Cleveland has revealed details of the Fed’s ongoing research into a potential digital dollar.  Speaking in a keynote address on September 23, Loretta Mester emphasized that the Federal Reserve has been exploring central bank digital currencies (CBDC) since before the pandemic, noting that its Board of Governors has been “building and testing a range of distributed ledger platforms to understand their potential benefits and tradeoffs.” She also noted initiatives from regional Federal Reserve branches, including…

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MIT is helping the Boston Fed build a CBDC that can be scaled for consumer use

Can MIT help the U.S. catch up to China in the CBDC race? The MIT Digital Currency Initiative, or DCI, is helping the federal reserve bank of Boston build a digital currency with the goal of scaling for consumer use. The DCI’s director Neha Narula told Cointelegraph: “We're trying to build a high throughput, low latency transaction system that could be used by consumers and could handle the security and resilience required for a national currency.” The multi-year collaboration between the two organizations is still in very early stages and not much information is being released to the public. Yet the…

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Digital Yuan Effect? The Federal Reserve Bank of Boston Is Evaluating Over 30 Blockchains for Digital Dollar

Syncing with one of the hottest trends of the year and building on previous researches, the Federal Reserve Bank of Boston is said to be evaluating over 30 blockchains to determine whether they would support a digital dollar reports CoinDesk on Aug 24. The regional bank is one of the 12 operating under the central bankRead MoreRead More. The post by Dalmas Ngetich appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

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US Federal Reserve Reveals Building a Digital Dollar Codebase With MIT

The U.S. central bank has been working on creating a digital dollar, according to a recently published transcript from Federal Reserve Board Governor Lael Brainard. On Thursday, she told participants attending “San Francisco’s Innovation Office Hours” webcast, that the Fed has been “collaborating with researchers at the Massachusetts Institute of Technology (MIT)” toward building a CBDC codebase. The central bank cold wars have begun, as the United States clearly wants to compete with China’s upcoming central bank digital currency (CBDC). Not too long ago, the Federal Reserve Chair Jerome Powell didn’t give the media too many clues about the bank’s…

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20 Top Universities Join Oasis Blockchain Network’s Data Program

The Oasis Foundation has announced a new University Program, bringing together blockchain societies from leading universities like MIT and Cornell. Blockchain and data science societies from some of the world’s most prestigious universities have joined blockchain infrastructure providers like Bison Trails as founder members of the Oasis University Program.The program, announced Aug. 13, aims to highlight and popularize the Oasis Network within this student society ecosystem. The Oasis Network is a proof-of-stake blockchain designed to enable the tokenization of data, allowing users to maintain control of what data is shared and to whom.With access to technical support, tutorials and events…

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Boston’s Federal Reserve Bank and MIT to Tackle Digital Currency Research

Fed Governor Lael Brainard shares updates about the U.S. digital currency initiative and why it is crucial to understand CBDCs. The Federal Reserve Bank of Boston has entered into a partnership with the Massachusetts Institute of Technology to better understand the concept of digital currencies.The bank will work with MIT researchers on a multiyear project to develop and test the use cases of a “hypothetical” central bank digital currency (CBDC), said Fed Governor Lael Brainard during her speech at the Federal Reserve Bank of San Francisco.She said that digital currencies bring both opportunities and threats related to privacy, illicit activity…

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“Utreexo” Launch Is Making Running Bitcoin Nodes Easier

A new Bitcoin Full Node implementation might help the network become more accessible for anyone to set up and run courtesy the launch of Utreexo last week, reported CoinDesk on Wednesday. Bitcoin Nodes Made Lighter  Developed as part of MIT Digital Currency Initiative (DCI), Utreexo puts the idea of lighter nodes into working code forRead MoreRead More. The post by Shaurya Malwa appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

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