And so it begins! Banking giants and New York Fed start 12-week digital dollar pilot

Nov 16, 2022

And so it begins! Banking giants and New York Fed start 12-week digital dollar pilot

Nov 16, 2022

Global banking giants are starting a 12-week digital dollar pilot with the Federal Reserve Bank of New York, the participants announced on Tuesday.

Citigroup Inc, HSBC Holdings Plc, Mastercard Inc, and Wells Fargo & Co are among the financial companies participating in the experiment alongside the New York Fed’s innovation center, they said in a statement.

The project, which is called the regulated liability network, will be conducted in a test environment and use simulated data, the New York Fed said.


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The pilot will test how banks using digital dollar tokens in a common database can help speed up payments. Earlier this month, Michelle Neal, head of the New York Fed’s market’s group, said it sees promise in using a central bank digital dollar to speed up settlement time in currency markets. (SOURCE)

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End Time Headlines is a ministry founded, owned, and operated by Ricky Scaparo, established in 2010 to equip believers and inform discerning individuals about the “Signs and Seasons” of the times in which we live. Ricky authors original articles and curates news from mainstream sources, carefully selecting topics, verifying information, and utilizing artificial intelligence tools to ensure content is both timely and accurate. Every piece is personally reviewed and edited by Ricky to align with the ministry’s mission of providing a prophetic perspective on current events.

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