U.S. Banking Giants Start Digital Dollar Pilot

Nov 19,2022
U.S. Banking Giants Start Digital Dollar Pilot

Citigroup, Wells Fargo, banks and other financial institutions have run a new digital dollar demonstration site with the Federal Reserve Bank of New York,Reported by the Associated Press.

This project is called the Internet of regulatory responsibilities and will be carried out with the support of simulated data

The demonstration site will continue for 12 weeks to clarify how the digital dollar token can improve the payment rate.

In the middle and late September, the US National Treasury proposed to explore the establishment of digital dollars

Ban Ki moon's government believes that digital dollars will help the United States maintain a leading position in the global financial system.

In an industry report released in June, US Congressman Jim Himes felt that the establishment of digital dollars would help to enhance the position of the US dollar as the world's reserve currency

At this stage, the United States seems to be in the early stage of developing and designing the central bank digital currency (CBDC). At present, it is not clear what the architecture design may look like

Last year, Jerome Powell of the Federal Reserve indicated that his benefits for CBDC were "not determined"

Some other countries, such as Germany, have already decided to sell CBDC