1. US Federal Reverse starts a 12-week digital dollar pilot.
➡️ What is a Central Bank Digital Currency (CBDC) ➡️ CBDC Whitepaper. ➡️ What is Regulated Liability Network (RLN) ➡️ RLN Whitepaper. ➡️ Pilot Details.
Read this thread to learn more 👀 👇
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2. What is a CBDC?
A United States central bank digital currency (CBDC) would be a digital form of the U.S. dollar. While the U.S. has not yet decided whether it will pursue a CBDC, the U.S. has been closely examining the implications of, and options for, issuing a CBDC.
3. US CBDC Whitepaper
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4. What is the RLN?
In parallel with the evaluation of CBDC by various central banks, a number of commercial banks and payment service providers have proposed a Regulated Liability Network (RLN) that could capture and catalyze some of the promises of digital currency today.
5. Using current rules, regulations and arrangements. This plan leverages existing public-private sector arrangements for regulated payment networks in place between central and commercial banks, but it improves on these arrangements to capture some of the key attributes of CBDC.
7. Global banking giants are starting a 12-week digital dollar pilot with the Federal Reserve Bank of New York, the participants announced on Tuesday.
The project, which is called the regulated liability network, will be conducted in a test environment and use simulated data.
8. Citigroup Inc , HSBC Holdings Plc (HSBA.L), Mastercard Inc (MA.N) and Wells Fargo & Co (WFC.N) are among the financial companies participating in the experiment alongside the New York Fed's innovation center, they said in a statement.This post is based on this twitter thread.