The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n \u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n \u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n \u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> US Banks Partner With NY Fed For CBDC Blockchain Pilot<\/a><\/p>\n","post_title":"Australian CBDC Pilot Program eAUD Receives 140 Use Cases Amidst Growing Interest","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"australian-cbdc-pilot-program-eaud-receives-140-use-cases-amidst-growing-interest","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 18:11:21","post_modified_gmt":"2023-04-10 08:11:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8717","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n \u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
However, the report noted some concerns about the eAUD, including the potential to disrupt bank intermediaries and monetary policy transmission. In addition, the speech also pointed out a potential of a bank run during volatile conditions in the financial market.<\/p>\n\n\n\n See Related:<\/em><\/strong> US Banks Partner With NY Fed For CBDC Blockchain Pilot<\/a><\/p>\n","post_title":"Australian CBDC Pilot Program eAUD Receives 140 Use Cases Amidst Growing Interest","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"australian-cbdc-pilot-program-eaud-receives-140-use-cases-amidst-growing-interest","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 18:11:21","post_modified_gmt":"2023-04-10 08:11:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8717","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n \u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
\u2018\u2018In Australia, as in many advanced economies, cross-border retail money transfers conducted via banks can routinely cost 5% or more and take up to two business days to settle. This is unsatisfactory and explains why cross-border payments are an area of intense focus for policymakers,\u2019\u2019<\/em> the Assistant Governor\u2019s speech read.<\/p>\n\n\n\n However, the report noted some concerns about the eAUD, including the potential to disrupt bank intermediaries and monetary policy transmission. In addition, the speech also pointed out a potential of a bank run during volatile conditions in the financial market.<\/p>\n\n\n\n See Related:<\/em><\/strong> US Banks Partner With NY Fed For CBDC Blockchain Pilot<\/a><\/p>\n","post_title":"Australian CBDC Pilot Program eAUD Receives 140 Use Cases Amidst Growing Interest","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"australian-cbdc-pilot-program-eaud-receives-140-use-cases-amidst-growing-interest","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 18:11:21","post_modified_gmt":"2023-04-10 08:11:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8717","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n \u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
CBDCs were also lauded in the report as a way in which it could increase competition in the payment systems, bringing down the cost of transactions. Besides, the asset class is expected to boost cross-border payments, which according to the report, remains inefficient.<\/p>\n\n\n\n \u2018\u2018In Australia, as in many advanced economies, cross-border retail money transfers conducted via banks can routinely cost 5% or more and take up to two business days to settle. This is unsatisfactory and explains why cross-border payments are an area of intense focus for policymakers,\u2019\u2019<\/em> the Assistant Governor\u2019s speech read.<\/p>\n\n\n\n However, the report noted some concerns about the eAUD, including the potential to disrupt bank intermediaries and monetary policy transmission. In addition, the speech also pointed out a potential of a bank run during volatile conditions in the financial market.<\/p>\n\n\n\n See Related:<\/em><\/strong> US Banks Partner With NY Fed For CBDC Blockchain Pilot<\/a><\/p>\n","post_title":"Australian CBDC Pilot Program eAUD Receives 140 Use Cases Amidst Growing Interest","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"australian-cbdc-pilot-program-eaud-receives-140-use-cases-amidst-growing-interest","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 18:11:21","post_modified_gmt":"2023-04-10 08:11:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8717","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n \u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
CBDCs were also lauded in the report as a way in which it could increase competition in the payment systems, bringing down the cost of transactions. Besides, the asset class is expected to boost cross-border payments, which according to the report, remains inefficient.<\/p>\n\n\n\n \u2018\u2018In Australia, as in many advanced economies, cross-border retail money transfers conducted via banks can routinely cost 5% or more and take up to two business days to settle. This is unsatisfactory and explains why cross-border payments are an area of intense focus for policymakers,\u2019\u2019<\/em> the Assistant Governor\u2019s speech read.<\/p>\n\n\n\n However, the report noted some concerns about the eAUD, including the potential to disrupt bank intermediaries and monetary policy transmission. In addition, the speech also pointed out a potential of a bank run during volatile conditions in the financial market.<\/p>\n\n\n\n See Related:<\/em><\/strong> US Banks Partner With NY Fed For CBDC Blockchain Pilot<\/a><\/p>\n","post_title":"Australian CBDC Pilot Program eAUD Receives 140 Use Cases Amidst Growing Interest","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"australian-cbdc-pilot-program-eaud-receives-140-use-cases-amidst-growing-interest","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 18:11:21","post_modified_gmt":"2023-04-10 08:11:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8717","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n \u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n CBDCs were also lauded in the report as a way in which it could increase competition in the payment systems, bringing down the cost of transactions. Besides, the asset class is expected to boost cross-border payments, which according to the report, remains inefficient.<\/p>\n\n\n\n \u2018\u2018In Australia, as in many advanced economies, cross-border retail money transfers conducted via banks can routinely cost 5% or more and take up to two business days to settle. This is unsatisfactory and explains why cross-border payments are an area of intense focus for policymakers,\u2019\u2019<\/em> the Assistant Governor\u2019s speech read.<\/p>\n\n\n\n However, the report noted some concerns about the eAUD, including the potential to disrupt bank intermediaries and monetary policy transmission. In addition, the speech also pointed out a potential of a bank run during volatile conditions in the financial market.<\/p>\n\n\n\n See Related:<\/em><\/strong> US Banks Partner With NY Fed For CBDC Blockchain Pilot<\/a><\/p>\n","post_title":"Australian CBDC Pilot Program eAUD Receives 140 Use Cases Amidst Growing Interest","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"australian-cbdc-pilot-program-eaud-receives-140-use-cases-amidst-growing-interest","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 18:11:21","post_modified_gmt":"2023-04-10 08:11:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8717","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n \u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Another motivation for CBDCs that the report highlighted is the support for universal access to public money. According to Jones, physical cash was readily available in Australia, with recent surveys showing that about 95% of Australians live within 4 kilometers of cash withdrawal points. In addition, about 15% make most of their payments in cash.<\/p>\n\n\n\n See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n CBDCs were also lauded in the report as a way in which it could increase competition in the payment systems, bringing down the cost of transactions. Besides, the asset class is expected to boost cross-border payments, which according to the report, remains inefficient.<\/p>\n\n\n\n \u2018\u2018In Australia, as in many advanced economies, cross-border retail money transfers conducted via banks can routinely cost 5% or more and take up to two business days to settle. This is unsatisfactory and explains why cross-border payments are an area of intense focus for policymakers,\u2019\u2019<\/em> the Assistant Governor\u2019s speech read.<\/p>\n\n\n\n However, the report noted some concerns about the eAUD, including the potential to disrupt bank intermediaries and monetary policy transmission. In addition, the speech also pointed out a potential of a bank run during volatile conditions in the financial market.<\/p>\n\n\n\n See Related:<\/em><\/strong> US Banks Partner With NY Fed For CBDC Blockchain Pilot<\/a><\/p>\n","post_title":"Australian CBDC Pilot Program eAUD Receives 140 Use Cases Amidst Growing Interest","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"australian-cbdc-pilot-program-eaud-receives-140-use-cases-amidst-growing-interest","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 18:11:21","post_modified_gmt":"2023-04-10 08:11:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8717","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n \u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
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U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
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U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
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U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
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U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
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U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
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U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
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U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
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U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
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U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
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U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
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U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
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Australia Expects A CBDC To Create Efficiency In The Financial Systems<\/h2>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
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Australia Expects A CBDC To Create Efficiency In The Financial Systems<\/h2>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
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Australia Expects A CBDC To Create Efficiency In The Financial Systems<\/h2>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
