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American banks launched a test platform for issuing a digital dollar

US banks launched a test platform for issuing a digital dollar

A group of American banks and financial institutions has launched a digital dollar issuance platform. It is called the Regulated Liability Network (RLN) and operates on the basis of the blockchain.

The group included institutions such as HBSC, Mastercard, Wells Fargo, BNY Mellon, Citi, TD Bank and SWIFT. At the current stage, RLN is not a full-fledged platform, but only a "proof of concept" test system. The pilot project will last 12 weeks.

“Members of the US banking and payments community are participating in this pilot project. We are pleased to partner with the New York Innovation Center (NYIC), which is part of the Federal Reserve Bank of New York, the statement said.

There are not many details about the platform, but it is known that banks are planning to issue a digital currency in the form of US dollars, although "the concept can potentially be expanded to use other currencies and regulated stablecoins." The platform can also work with different tokens, which must be fully interchangeable.

“The project will take place in a test environment and will only use simulated data. This is not intended to advance any policy decisions or as a signal that the Fed is gearing up for the mandatory development and issuance of a publicly available digital currency, the group said in a statement.

Earlier it was reported that NYIC, together with the Bank for International Settlements, is testing government cryptocurrencies as part of the Cedar project.

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