Fed and MIT's CBDC research: Distributed Ledger tech has ‘downsides’
The researchers published results from “Project Hamilton,” which was first announced in 2020 to explore the use of existing and new tech to build and test a hypothetical CBDC platform. Theoretical research into a Central Bank Digital Currency (CBDC) in the U.S. has found that distributed ledger architecture has “downsides.” The Federal Reserve Bank of Boston and the Digital Currency Initiative at the Massachusetts Institute of Technology published their findings of their initial research into a CBDC on Feb 3. The research project, dubbed “Project Hamilton,” tested a “hypothetical general....
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The European Central Bank is weighing the use of distributed ledger tech in partnership with Japan’s central bank, one of its senior officials said today. Speaking today at the Handelsblatt Annual Conference Banken-Technologie in Frankfut, ECB executive board member Yves Mersch offered new details on its work in the area. Mersch said that the the two institutions plan to explore the tech over the next months, with an eye to publish the results of its research sometime next year. The ECB has also formed an internal task force focused on distributed ledgers, building on past research....
MIT has moved its blockchain research from the blackboard to the real world through a partnership with distributed ledger tech startup Ripple. While MIT has long been involved in supporting the bitcoin and blockchain industries through research, the aim of this project is to develop blockchain, financial services and other enterprise data projects, the university said. Project director David Shrier, of MIT Connection Science, said he expects this most recent step to attract a wide range of researchers, more than doubling in size its first six months of operation. Shrier told CoinDesk:....
Ripple, in partnership with The Royal Monetary Authority of Bhutan, will start trials for a digital Ngultrum. The San Francisco-based company will integrate its distributed ledger technology into Bhutan’s existing payment system with the help of its CBDC Private Ledger product. Related Reading | Ripple and XRP: The Complete Guide The leading provider of enterprise […]
The head of Germany’s central bank described blockchain as “a multi-purpose tool” during a G20 summit speech earlier this week. Leaders from the international organization are meeting in Germany this week to discuss issues around the digitization of finance. The event also saw Bank of England chief Mark Carney remark on distributed ledger tech, suggesting that the tech could “reshape” the financial sector. While Bundesbank president Jens Weidmann largely steered clear of such statements, he did briefly note the central bank’s work with exchange operator Deutsche Börse on a....
UBS has been conducting research on blockchain tech for quite some time and just recently shared more details on its developments. One of these is the so-called "settlement coin" which can be used by financial institutions for transaction clearing. Prior to this, online retail giant Overstock has already ventured into using blockchain tech for "cryptosecurities" and trade clearing. Along with UBS, the company recognized the potential applications of the distributed public ledger in reducing transactions costs and speeding up the verification process. Blockchain Tech in Finance. Blockchain....