#CryptoCurrency / Fed Exploring ‘Hypothetical’ Digital Currency With MIT

Digital dollars on the horizon? Maybe – but first comes a focus on policy… Fed Governor Lael Brainard said that the Federal Reserve Bank of Boston is working with researchers at MIT to “build and test a hypothetical digital currency oriented to central bank uses.” … lessons stemming from the collaboration will be published, adding that any codebase developed through the collaboration will be made available as open-source software “for anyone to use for experimentation.”

Back in May, 80 percent of 66 central banks queried by the Bank of International Settlements (BIS) said they were working on CBDCs. Notably, China – through the efforts of its central bank – has been developing and testing the rollout of a national digital currency.

… James Cunha, the senior vice president at the Boston Fed overseeing digital dollar initiatives, has said the efforts between the Fed and MIT will look to build the engine and software needed to underpin digital currency issuance…