NY Federal Reserve and major banks announce 'digital dollar' pilot program, setting off alarm bells

  • by:
  • Source: The Blaze
  • 11/17/2022

The Federal Reserve Bank of New York and a host of major banks announced Tuesday a pilot program for a "digital dollar," raising new concerns about the potential shift to a centralized digital currency.

What are the details?

The 12-week test will explore a digital money platform that "operates exclusively in U.S. dollars where commercial banks issue simulated digital money or 'tokens' — representing the deposits of their own customers — and settle through simulated central bank reserves on a shared multi-entity distributed ledger," a press release explained.

Source: The Blaze
One dollar bill by the wall by Kenny Eliason is licensed under Unsplash unsplash.com

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