Central bank digital currency (CBDC) research and development has been a high priority in China, and the United States appears to be following suit. The Federal Reserve of New York and a group of private banking firms recently launched a 12-week ‘digital dollar’ pilot project. But there are still concerns over how this might affect finansijska sloboda.
On March 9, 2022, U.S. President Joe Biden placed the “highest urgency” on research and development efforts into a potential U.S. central bank digital currency. Was it a move to stay relevant or competitive compared to other regions?
Many would agree. A handful of nations, including China and Russia, have already started pilot programs. The U.S., U.K., and most of the eurozone are still under the investigation and research stage. This is evident in the CBDC tracker chart below found below:
There’s a noticeable difference in CBDC development by region. Western nations are at risk of falling behind in this regard.
The U.S. is now taking its first steps at closing this gap.
Proof-of-concept trials
On Nov. 15, various leading investment banks partnered with the U.S. Federal Reserve to begin work on the digital dollar. The NY Fed’s “Innovation Center” will join Citigroup, Mastercard, Wells Fargo, HSBC, and other major financial players to run tests, BeInCrypto prijavljeno.
Adding to that, the official post čitati:
“The Federal Reserve Bank of New York announced that its New York Innovation Center (NYIC) will participate in a proof-of-concept project to explore the feasibility of an interoperable network of central bank wholesale digital money and commercial bank digital money operating on a shared multi-entity distributed ledger.”
The proof-of-concept will run for 12 weeks and will test different attributes and functions of a digital dollar.
The project is specifically being carried out to test the “technical feasibility, legal viability, and business applicability of tehnologija distribuirane knjige” on a Regulated Liability Network (RLN).
Source: https://beincrypto.com/us-china-cbdc-race-economic-implications-financial-freedom/