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Deloitte organizes webinar with NY Fed Innovation Center, Mastercard, Citi and Sullivan & Cromwell to present the results of the Regulated Liability Network proof of concept
Deloitte, in collaboration with the NY Fed Innovation Center, Mastercard, Citi and Sullivan & Cromwell, will host a webinar tomorrow to present the results of the Regulated Liability Network (RLN) proof-of-concept. The webinar will provide insights into the progress and results of the project, which aims to demonstrate the feasibility of a system based on shared distributed ledgers. The results of the project were summarized in separate technical, managerial and legal reports to provide a comprehensive assessment of the feasibility of the RLN. The legal report emphasized that no legal obstacles were identified that would prevent the creation of the system in accordance with...
Deloitte organizes webinar with NY Fed Innovation Center, Mastercard, Citi and Sullivan & Cromwell to present the results of the Regulated Liability Network proof of concept
Deloitte, in collaboration with the NY Fed Innovation Center, Mastercard, Citi and Sullivan & Cromwell, will host a webinar tomorrow to present the results of the Regulated Liability Network (RLN) proof-of-concept. The webinar will provide insights into the progress and results of the project, which aims to demonstrate the feasibility of a system based on shared distributed ledgers.
The results of the project were summarized in separate technical, managerial and legal reports to provide a comprehensive assessment of the feasibility of the RLN. The legal report emphasized that no legal obstacles were identified that would prevent the creation of the system in accordance with current regulations.
It is important to note that the project focused on regulated assets and therefore cryptocurrencies, stablecoins, as well as permissionless blockchains and retail CBDCs were not included.
The New York Fed has made it clear that the research does not signal a decision on the possible introduction of a US CBDC (Central Bank Digital Currency). Per von Zelowitz, Director of the NYIC, explained that the proof-of-concept provided valuable insights into the area of tokenized regulated deposits and increased understanding of the potential functional benefits of digital currencies from central banks and commercial banks.
The RLN project was announced in November as a 12-week pilot and attracted participation from notable financial institutions such as Bank of New York Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, US Bank and Wells Fargo.
The webinar provides a valuable opportunity to explore advances in digital currencies and the potential of tokenized infrastructure. Payment processing, CBDCs and banking in general benefit from innovations such as the RLN system, which is based on distributed ledgers.