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The New York Fed, one of the twelve Federal Reserve Banks of the United States, is launching a test on the digital dollar. Several international banks and payment organizations will participate in this experiment. This digital dollar project aims to develop dematerialized payments.
CITI, HSBC, Wells Fargo and Mastercard will participate in this experiment which will last twelve weeks. The objective for these banks and financial organizations is to test the technical feasibility, legal viability and commercial aspect of a digital dollar.
It was last March that the Biden administration asked the New York Fed to study the project of a digital dollar, managed by a central bank.
The ultimate challenge is to offer a new means of payment that is secure, fast and stable. This is not the case today with current cryptocurrencies, whose prices are subject to strong variations.
It’s not just the United States, the European Central Bank is working on a similar project. The ECB has already conducted several tests on market transactions. The digital euro could see the light of day by 2025. It will facilitate transfers, or payments between Europeans, by limiting bank charges.
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