The initiative was announced by the regional Federal Reserve bank and nearly a dozen financial institutions on Tuesday. A news release referred to the experiment as a “proof-of-concept project” in which the banks will work with the Fed’s New York Innovation Center to simulate digital money representing the deposits of their own customers and settle them through simulated Fed reserves on a distributed ledger.
“The [project] will also test the feasibility of a programmable digital money design that is potentially extensible to other digital assets, as well as the viability of the proposed system within existing laws and regulations,” according to the news release. [ Source: Washington Examiner (Read More…) ]
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