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Federal Reserve Reveals Research Plans for Digital Dollar

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A respresentation of digital currency.

Said Federal Reserve Governor Lael Brainard, "We are continuing to assess the opportunities and challenges of, as well as the use cases for, a CBDC (central bank digital currency), as a complement to cash and other payments options.

Credit: Ledge Insights

In an address at the Federal Reserve Bank of San Francisco on Thursday, U.S. Federal Reserve governor Lael Brainard detailed her agency's research plans on the potential development of a U.S. central bank digital currency (CBDC), or Digital Dollar.

Research projects under way include the Federal Reserve Bank of Boston's multi-year collaboration with the Massachusetts Institute of Technology to build and test a hypothetical digital currency oriented to central bank uses, with its codebase to be published as open source software.

Brainard said such research aims to understand digital currency systems' safety and efficiency, and to provide hands-on experience to understand the technologies available for central bank money.

The U.S. also is involved with the CBDC coalition of central banks on insights gained, and is jointly conducting experiments, to understand the threats to cybersecurity, counterfeiting and fraud, and anti-money laundering.

From Forbes
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