US Federal Reserve Unveils Building A Digital Dollar Codebase With MIT

US Federal Reserve unveils building a digital dollar codebase with MIT. Apart from the Fed pursuing a CBDC, Congress has introduced a variety of measures to address this year’s introduction of a digital currency. All of which seem to exploit Covid-19 as a significant reminder that the nation needs a stable system of payments. Also this year a Digital Dollar Foundation was created in the U.S.

Despite Federal Reserve Chair Jerome Powell‘s attempts to be more discreet, Governor Lael Brainard told the attendants on the webcast that the Boston branch of the central bank had a “multi-year” partnership with the Massachusetts Institute of Technology ( MIT). The Boston Technology School is well known for supporting research and development in the digital currency, including funding developers for Bitcoin.

“To enhance the Federal Reserve’s understanding of digital currencies, the Federal Reserve Bank of Boston is collaborating with researchers at the Massachusetts Institute of Technology in a multiyear effort to build and test a hypothetical digital currency oriented to central bank uses,” Brainard highlighted during the “Innovation Office Hours” discussion.

The Board Governor added “Digital currencies, including central bank digital currencies (CBDCs), present opportunities but also risks associated with privacy, illicit activity, and financial stability. This prospect has intensified calls for CBDCs to maintain the sovereign currency as the anchor of the nation’s payment systems.”

[image: Random Sky]

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