U.S. Banks Launched a Digital Dollar Blockchain Pilot

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U.S. Banks Launched a Digital Dollar Blockchain Pilot

The failure of FTX has rocked the cryptocurrency market to its very core, but traditional financial institutions are stepping into the world of digital currency.

The Regulated Liability Network, a proof-of-concept digital currency platform, was launched on Tuesday according to a group of banking organisations that includes HBSC, Mastercard, and Wells Fargo (RLN). The New York Innovation Center (NYIC), a division of the Federal Reserve Bank of New York, is pleased to be working with the members of the American banking and payments community on this [proof-of-concept] project, the group said in a statement. According to the group, the platform will make use of opportunities to enhance financial settlements by using distributed ledger technology, also known as a blockchain.

Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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The failure of FTX has rocked the cryptocurrency market to its very core, but traditional financial institutions are stepping into the world of digital currency.

The Regulated Liability Network, a proof-of-concept digital currency platform, was launched on Tuesday according to a group of banking organisations that includes HBSC, Mastercard, and Wells Fargo (RLN). The New York Innovation Center (NYIC), a division of the Federal Reserve Bank of New York, is pleased to be working with the members of the American banking and payments community on this [proof-of-concept] project, the group said in a statement. According to the group, the platform will make use of opportunities to enhance financial settlements by using distributed ledger technology, also known as a blockchain.

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Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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