The Federal Reserve Bank of Boston and the Massachusetts Institute of Technology announced a collaboration to explore a central bank digital currency two years ago.
On February 3, banks published the first White Paper digital national currency. The project was called 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 examined two different approaches that could be used to process transactions and technically implement the issuance of a CBDC.
The developers created two complete sets of source code, or “codebases,” for the 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 government currency, which can be accessed through a government wallet application.
The group continues its work, but notes that the 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.
Subscribe to ForkNews on Telegram to stay up to date with news from the world of cryptocurrencies
You May Also Like
It's time to create a continental African cryptocurrency
This week, African leaders met in Kigali, the capital of Rwanda, which resulted in the creation of the Continental Free Trade Area (CFTA), which some say could be the largest in the world. The 55 member states of the African Union have a combined gross product of $2.5 trillion.
The UK's central bank could launch its own digital currency in 2018
At the moment, according to information from telegraph, the possibility of creating a “sterling-related” cryptocurrency is being studied by the bank’s research department, which must present its decision within 12 months.
