The Federal Reserve Bank of New York announces digital dollar test with major banks

Comment by Brian Shilhavy
Editor, Health Impact News

here we come In just one week since the fall of FTX and the upheaval of the private cryptocurrency world, the New York Federal Reserve announced today that it was beginning a trial of a “digital dollar” with several major banks.

I expect that plans to move towards a central bank digital currency will accelerate now, using the FTX scandal as an excuse to start regulating all digital currencies.

This is another step towards The Great Reset.

New York Fed announces digital dollar test with major banks

by Zachary Halaschak
The Washington Examiner

Excerpts:

TThe Federal Reserve Bank of New York and major banks will launch a three-month trial of a digital dollar in hopes of studying its viability.

The initiative was announced this Tuesday by the regional bank of the Federal Reserve and almost a dozen financial institutions. A press release referred to the experiment as a “proof-of-concept project” in which banks will work with the Fed’s New York Innovation Center to simulate digital money that represents their own customer deposits and settle them using simulated Fed reserves in a distributed ledger.

“The [project] it will also test the feasibility of a programmable digital money design that is potentially extensible to other digital assets, as well as the feasibility of the proposed system within existing laws and regulations,” according to the press release.

The news comes as cryptocurrency and blockchain technology have exploded into prominence in the mainstream financial world. Although the flagship cryptocurrency bitcoin peaked a year ago and has been in sharp decline ever since, the technology behind these tokens has sparked interest not only from private financial institutions, but also from central banks around the world.

In January, the Fed took a first step toward weighing the use of a central bank digital currency when it released its long-awaited discussion paper and opened a four-month public comment period for input.

The paper said a CBDC could streamline cross-border payments and could further enshrine and preserve the dominance of the dollar’s international role, including as a global reserve currency.

Read the full article at The Washington Examiner.

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Posted on November 15, 2022

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