Cryptocurrencies NY Fed launches 12-week CBDC pilot program with major banks
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The project is designed to test “technical feasibility, legal viability, and business applicability of distributed ledger technology” on a regulated liability network . The banking community members who will participate in the New York Fed’s CBDC pilot are Citi, HSBC, TD Bank, Wells Fargo, BNY Mellon, U.S. Bank, Mastercard, PNC Bank, and Truist, according to a joint announcement released Tuesday. The technology will be provided by SETL with Digital Asset, powered by Amazon Web Services, and global financial messaging service provider Swift will also participate to support interoperability across the international financial ecosystem.
The project will also test the feasibility of a “programmable digital money design” that is “potentially extensible to other digital assets,” and it will test the compatibility of the RLN with existing laws and regulations. The pilot will also include “dialogue with the broader U.S. banking community, including community and regional banks.”
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