Coinspeaker
New York Fed Plans to Launch 12-week CBDC Pilot Program, Features Top US Banks
As central banks globally push further in their efforts to roll out a central bank digital currency (CBDC), the New York Fed Bank recently announced a new development on its digital currency project. While some countries are still in the developing stage, others have scaled to the testing phase, while a few have unveiled their CBDCs. The New York Fed Bank recently revealed plans to launch a proof-of-concept pilot for a CBDC, which will run for 12 weeks.
The Federal Reserve Bank of New York’s Innovation Center (NYIC) plans to issue tokens and carry out transactions through simulated central bank reserves. The 12-week program will involve major commercial banks in the United States. They are BNY Mellon (NYSE: BK), Citi (NYSE: C), HSBC (NYSE: HSBC), Mastercard (NYSE: MA), PNC Bank (NYSE: PNC), and TD Bank. Truist (NYSE: TFC), US Bank (NYSE: USB), and Wells Fargo (NYSE: WFC) are also participants i
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