US works on the development of the digital dollar

The first phase of the project is expected to be launched during the third quarter of the year

Boston Fed Senior Vice President of Secure Payments and Fintech Research, James Cunha and the Massachusetts Institute of Technology (MIT) are working to develop the digital dollar.

According to what was expressed by Cunha, it is expected that the first part of this project will be ready in the middle of the third quarter of the year, adding that the investigations carried out clearly comprise an agnostic approach, which means that it does not intend to exclude the blockchain network.

“We are trying to understand what is the set of supporting technologies for a CBDC. We are trying to build with the MIT a system that can be implemented through different mechanisms, that involves other banks or actors and that even goes directly to consumers”, as reported by the specialist.

He stressed: “What we propose is that the prototype platform that we are building can satisfy the needs of all the actors involved.”

Another of the data confirmed by the specialists is that it continues to evaluate various initiatives in the private sector, all of them linked to open source distributed ledger technology.

K.Villarroel

Source: enterate24

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