Fed Says It's Testing Distributed Ledgers, Digital Currencies

By Reenat Sinay (August 13, 2020, 8:45 PM EDT) -- The Federal Reserve is actively testing distributed ledger technologies and experimenting with digital currencies as it works toward the potential development of a central bank digital currency, board member Lael Brainard said in a speech on Thursday.

Speaking via webcast at the San Francisco branch's Innovation Office Hours, Brainard went into greater detail than she has in the past about the Fed's research efforts regarding CBDCs, saying the central bank has been conducting in-house experiments for years and it has partnered with the Massachusetts Institute of Technology to test out a hypothetical digital currency.

"To enhance the Federal Reserve's understanding of...

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