The Federal Reserve Bank of Boston and the Massachusetts Institute of Technology announced cooperationto explore central bank digital currency as early as two years ago.
On February 3, banks published the first White Paper of a digital national currency. The project was named Project Hamilton.
What the developers have currently created,is not yet a complete system. It is more of a processing mechanism that can store and move digital currency. The researchers explored two different approaches that could be used to process transactions and technically implement the issuance of a CBDC.
The developers have created two complete sets of the originalcode or "codebases" for software systems. The first codebase processes 1.7 million transactions per second. Another codebase processes about 170,000 transactions per second.
In both cases, CBDCs acted as a digital representation of the government's currency, which can be accessed through the government's wallet app.
The group continues its work, but notes thatThe decision to issue a digital dollar will depend on more than just technological capabilities. The issue will require many additional policy decisions that must be agreed upon by the US Congress and other regulatory experts.
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