Boston Fed, MIT to release digital dollar prototypes as soon as July


Researchers at the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology (MIT) will unveil prototype central bank digital currency systems as early as July, according to a new report from Bloomberg.

The researchers, whose collaboration was announced in August 2020, have been “developing prototypes for a digital dollar platform,” according to Bloomberg. 

James Cunha, who leads the project for the Boston Fed, said that the team will unveil at least two platforms capable of moving, storing, and settling digital dollar transactions. He declined to say whether any of them use blockchain technology.

Last month, Federal Reserve chair Jerome Powell told the House Financial Services Committee that 2021 would be “an important year” for the digital dollar in that the central bank would be engaging a lot more on the issue with the public.

Cunha said the research at the Boston Fed is meant to demonstrate what’s possible. The bank is not advocating for a specific policy. “We think it’s important that we not wait for the policy debate because then we’ll be a year or so behind,” Cunha told Bloomberg.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post

Layer-1 Platforms: A Framework for Comparison

The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
Read Full Story
Aug 11, 2021, 5:18PM UTC