The Fed’s Digital Dollar Is Taking Shape
Progress on a digital USD brings CBDC standards into focus.
Written by: Simon Chantry, Co-Founder & CIO, Bitt
The release of the Federal Reserve’s CBDC paper, and the following release of the Boston Fed and MIT’s joint CBDC research and development project (Project Hamilton), has confirmed that the largest monetary authority in the world is examining the feasibility and suitability of a digital USD. The Fed’s long-awaited paper covers many structural, operational, regulatory, and technical considerations for the design of a digital USD, while not being overly detailed in any particular category. With Project Hamilton undoubtedly picking up steam after the release covering Phase 1 of the project, attention may now shift to the more technically detailed results of their experimentation and research to develop a “core transaction processor that meets the robust speed, throughput, and fault tolerance requirements of a large retail payment system.” The evolution of national payments infrastructure is evolving at a quickened pace, and, at Bitt, we are more excited than ever to be at the forefront.
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