The Federal Reserve Bank of Boston became, by decision of the US Federal Reserve, the main government platform thatconducts active research within the projectcreation of the digital dollar as a sovereign cryptocurrency (CBDC). Boston FBI completed the main phase of CBDC testing this month with Massachusetts Institute of Technology (MIT) and is now starting to select a platform.
The Federal Reserve Bank of Boston decided that it would not create its own blockchain for the digital dollar, taking as a basis the already working protocols.
Takes an active part in the selection procedureMIT, a group of scientists will conduct "in-depth studies" of the code of selected protocols from 30-40 candidates. According to the Federal Reserve Bank of Boston, it will take two years to launch the first CBDC prototype, and even the programming language and interface issues have not yet been resolved.
The Fed has so far decided only on the basedesign - a second-level solution will issue tokens that will go to banks with the right to access the network. They, in turn, will provide distribution, acceptance of payments and circulation of digital dollars on the public blockchain.
It is still unclear how they will line upcross-border transactions and KYC/AML procedures. Task — select a blockchain and develop basic technical algorithms. These studies will appear in the public domain, but the Boston Federal Reserve Bank is not yet ready to name the timing.
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