{"id":39381,"date":"2021-03-23T10:22:28","date_gmt":"2021-03-23T08:22:28","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=39381"},"modified":"2025-08-30T09:15:39","modified_gmt":"2025-08-30T06:15:39","slug":"fed-and-mit-to-unveil-digital-dollar-prototype-by-july","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/fed-and-mit-to-unveil-digital-dollar-prototype-by-july\/","title":{"rendered":"Fed and MIT to unveil digital-dollar prototype by July"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The Boston Fed and MIT staff will finish work on a prototype of the national digital currency (CBDC) by July. <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-22\/federal-reserve-s-digital-dollar-momentum-worries-wall-street\"><span style=\"font-weight: 400;\">Bloomberg<\/span><\/a><span style=\"font-weight: 400;\"> reports.<\/span><\/p>\n<p><!--more--><\/p>\n<p><span style=\"font-weight: 400;\">The Federal Reserve System (the Fed) <a href=\"https:\/\/u1f987.com\/en\/news\/fed-outlines-research-into-issuing-a-digital-dollar\">began to study such a possibility<\/a><a href=\"https:\/\/u1f987.com\/en\/news\/fed-outlines-research-into-issuing-a-digital-dollar\"> in February 2020<\/a>.<\/span><\/p>\n<p><a href=\"https:\/\/u1f987.com\/en\/news\/fed-outlines-research-into-issuing-a-digital-dollar\"><span style=\"font-weight: 400;\">The start of development<\/span><\/a><span style=\"font-weight: 400;\"> of the digital dollar became known in August 2020.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time, the project initiators said they intended to create \u201ca mechanism and software that would meet the needs\u201d CBDC for a country the size of the United States. They would also have to tackle accompanying issues\u2014from the enormous volume of transactions to ensuring security and privacy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Boston Fed&#8217;s James Kunya said that the team he leads would present two platforms capable of moving, storing and settling payments involving the digital dollar. He did not say whether blockchain is used.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The official stressed that the research is aimed at creating a pilot model and does not imply any particular CBDC design.<\/span><\/p>\n<blockquote>\n<p><i><span style=\"font-weight: 400;\">&#8220;We believe it is important not to wait for political debates, as that could delay experiments by a year or more&#8221;<\/span><span style=\"font-weight: 400;\">, \u2014 said Kunya.<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">Earlier in February,<\/span> <a href=\"https:\/\/u1f987.com\/en\/news\/u-s-treasury-secretary-janet-yellen-calls-bitcoin-a-speculative-asset\"><span style=\"font-weight: 400;\">Janet Yellen<\/span><\/a><span style=\"font-weight: 400;\"> also mentioned the need to consider launching a CBDC.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Analysts at Goldman Sachs note that<\/span> <span style=\"font-weight: 400;\">the national digital currency <\/span><a href=\"https:\/\/u1f987.com\/en\/news\/goldman-sachs-cbdc-could-boost-the-efficiency-of-fiscal-and-monetary-policy\"><span style=\"font-weight: 400;\">will boost the effectiveness<\/span><\/a><span style=\"font-weight: 400;\"> of fiscal and monetary policy<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/www.facebook.com\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Boston Fed staff and MIT will finish work on a prototype of the national digital currency (CBDC) by July. Bloomberg reports.<\/p>\n","protected":false},"author":1,"featured_media":39382,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1334,1249,36,26],"class_list":["post-39381","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-digital-dollar","tag-federal-reserve-system","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/39381","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=39381"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/39381\/revisions"}],"predecessor-version":[{"id":39383,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/39381\/revisions\/39383"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/39382"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=39381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=39381"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=39381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}