/cloudfront-us-east-2.images.arcpublishing.com/reuters/NYIG7YKQGVLBTFRVKAD2YL4SAA.jpg?w=1068&resize=1068,0&ssl=1 "Banking giants and New York Fed start 12-week digital dollar pilot")
/cloudfront-us-east-2.images.arcpublishing.com/reuters/NYIG7YKQGVLBTFRVKAD2YL4SAA.jpg?w=1200&resize=1200,0&ssl=1&description=Global banking giants are starting a 12-week digital dollar pilot with the Federal Reserve Bank of New York, the participants announced on Tuesday.){kind=link}
NEW YORK, Nov 15 (Reuters) – Global banking giants are beginning a 12-week digital dollar pilot with the Federal Reserve Bank of New York, the individuals introduced on Tuesday.
Citigroup Inc , HSBC Holdings Plc (HSBA.L), Mastercard Inc (MA.N) and Wells Fargo & Co (WFC.N) are among the many monetary corporations collaborating within the experiment alongside the New York Fed’s innovation heart, they mentioned in a press release. The mission, which is named the regulated legal responsibility community, might be carried out in a take a look at setting and use simulated information, the New York Fed mentioned.
The pilot will take a look at how banks utilizing digital dollar tokens in a typical database might help pace up funds.
Earlier this month, Michelle Neal, head of the New York Fed’s market’s group, mentioned it sees promise in utilizing a central financial institution digital dollar to hurry up settlement time in foreign money markets.
Reporting by Lananh Nguyen; Editing by Chizu Nomiyama
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