Federal Reserve Bank of Boston and with publishing digital currency research from the central bank and open source code-regulation
Federal Reserve Bank of Boston and with publishing digital currency research from the central bank and open source code-regulation
The Federal Reserve Bank of Boston and the Massachusetts Institute of Technology (with) have jointly published the first results of their research on Digital Central Bank currency (CBDC). They also published the open source code for the CBDC project.
Boston Fed and published the first results of your CBDC research
The Federal Reserve Bank of Boston and the Digital Currency Initiative at the Massachusetts Institute of Technology (with) published the first results of their research on the Digital Currency of the Central Bank (CBDC) on Thursday.
This research is separate from the digital dollar research carried out by the Federal Reserve Board. The Federal Reserve has also recently published its long-awaited CBDC report.
The cooperation between the Boston Fed and the MIT, known as Project Hamilton, "focuses on technological experiments and does not aim to create a usable CBDC for the United States," they said. The initiative was announced in 2020.
Jim Cunha, Executive Vice President and Interim Chief Operating Officer of the Boston Fed said: "It is crucial to understand how new technologies could support CBDC and what challenges still exist," he added:
This cooperation between the MIT and our technologists has created a scalable CBDC research model that enables us to learn more about these technologies and the decisions that should be taken into account in the development of a CBDC.
"The work led to a code base that can process 1.7 million transactions per second," explains the white paper of the project.
The researchers also released the code for project Hamilton, Opencbdc. The open source code is available in Github for contributions.
Neha Narula, director of the Digital Currency Initiative of the MIT, commented: "There are still many remaining challenges in the decision as to whether or how a central bank payment system for the United States should be introduced."
according to the announcement:
In the coming years, the second phase of this partnership will enable Project Hamilton to examine alternative technical designs in order to improve the already robust privacy, failure and functionality of the technology outlined in the first phase.
What do you think that the Boston Fed and its first research and its open source code for the digital currency of the central bank publish? Let us know in the comment area below.
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