Massachusetts Institute of Technology (MIT) will be involved in issuing digital dollars

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2021-03-24 23:57:38

According to a new report from Bloomberg, researchers at the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology (MIT) will announce the prototype central bank’s digital currency system in early July.

Massachusetts Institute of Technology (MIT) will be involved in issuing digital dollars

According to Bloomberg, researchers, which had a collaboration in August 2020, are “developing prototypes for the digital dollar platform”.

Mr. James Cunha, the project head of the Boston Fed, said that the team will reveal at least two platforms capable of moving, storing, and settling digital USD transactions. He declined to say whether any of them use blockchain technology.

Last month, Federal Reserve Chairman Jerome Powell told the House Financial Services Committee that 2021 will be “a significant year” for the digital dollar as the central bank will be more involved. into this issue with the public.

Cunha said research at the US Federal Reserve (Boston Fed) to prove what can happen. The bank does not advocate for a particular policy. Cunha told Bloomberg:

“We think it’s important that we don’t wait for the policy debate because this will put us a year behind.”

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