Boston Fed’s first look at digital U.S. dollar nearly done, official says

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Sept 29 (Businesshala) – The Boston Federal Reserve is conducting the first phase of a multi-year research project with the Massachusetts Institute of Technology for a digital dollar that could be issued next month. Or so, a Boston Fed official said Wednesday.

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The research, called “Project Hamilton,” will look at the technical challenges that need to be addressed when building a central bank digital currency, or CBDC, and aside from a discussion paper here, the Fed Board will soon address policy questions. is investigating. Around a digital dollar. Both the papers were initially scheduled to be released in the summer.

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Early findings from Boston Fed research will include open-source code that could serve as a potential model for a US CBDC and will also focus on the system’s ability to handle a high volume of transactions, Jim Cunha, said a senior vice president. The Boston Fed, during a virtual panel focused on payments. (Reporting by Zonal Marte Editing by Chizu Nomiyama)

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