US has begun developing a prototype to study the digital dollar
The Project Lithium prototype will test whether the US market infrastructure will be able to support the Fed-issued digital currency for daily payments
13.04.2022 - 10:40
256
1 min
0
What’s new? On April 12, the US Depository Trust and Clearing Corporation (DTCC) announced the development of a prototype to study a central bank digital currency (CBDC). The creation of the prototype is aimed at studying how the digital dollar may operate in the US settlement and clearing infrastructure using distributed ledger technology (DLT). The DTCC announced this in a press release.
What else is known about the prototype? The prototype, known as Project Lithium, will test whether the US market infrastructure can support the digital currency issued by the Federal Reserve System (Fed) for daily payments. With the prototype, the DTCC will test real-time settlement between parties to transactions with DVP (delivery-versus-payment) tokens.
The DTCC’s partners. DTCC is working on the project in collaboration with The Digital Dollar Project (DDP), a non-profit organization led by former US regulators, well-known technology leaders, and executives of the Accenture consulting company. With initial funding from Accenture, the DDP will conduct a series of pilot projects in retail and wholesale to assess how CBDC can operate in the US financial infrastructure and society.
What preceded it? Earlier, Democratic Senator Elizabeth Warren called for the Fed to accelerate the development of the digital dollar. She believes that with CBDC, central banks could improve a lot in the digital industry of the financial market.
Useful material?
Market
Users who have experienced withdrawal problems in the last two days will be eligible to participate
Mar 28, 2024
Market
Last July, a criminal investigation into the exchange was opened by the US authorities
Mar 27, 2024
Market
The unrealized profit from the deal was $8,9 million
Mar 26, 2024
Incidents
The phasing out began on March 25
Mar 25, 2024
Crypto regulations
The new measures must go through additional stages of approval
Mar 25, 2024
Incidents
The popularity of this kind of project launch format has already led to blockchain overload
Mar 20, 2024