Ever since Facebook, now Meta, launched the Libra (Diem) project in 2019, in partnership with twenty or so other companies, including MasterCard and Visa, nation-states worldwide have been in a hurry to develop digital versions of their sovereign currencies, also known as Central Bank Digital Currencies, or CBDCs for short.

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Here is our pick of the 3 most important Stablecoin news stories during the week. Will stablecoins and CBDC’s help or hinder Crypto? Some would argue that CBDCs will cancel out the need for cryptocurrencies like bitcoin. After all, how many different digital currencies do we really need?  This article argues that in fact, the opposite […]

The post Stablecoin News for the week ending Wednesday 9th February. appeared first on Daily Fintech.

The Federal Reserve Bank of Boston and the Massachusetts Institute of Technology (MIT) have jointly published their long-awaited technical research and open-source code for a potential central bank digital currency (CBDC). The 35-page white paper is part of a joint initiative announced in August 2020. Dubbed Project Hamilton, the phase of the project ‘focuses on technological experimentation and does not aim to create a usable CBDC for the United States.’ The researchers also released the open-source code for Project Hamilton which is available in github for contributions. Overall, they found that the system was capable of handling 1.7 million transactions per second, while the vast majority of transactions were able to settle in under two seconds. As a whole, the researchers said they met their goal of creating a core processing engine for a potential general-purpose CBDC. Commenting on the development, Boston Fed Executive Vice President and Interim Chief Operating Officer Jim Cunha said: “It is critical to understand how emerging technologies could support a CBDC and what challenges remain. This collaboration between MIT and our technologists has created a scalable CBDC research model that allows us to learn more about these technologies and the choices that should be considered when designing a CBDC.” Boston Fed, MIT Research Separate from the US Fed Over the next few years, MIT and the Boston Fed said the second phase of the Hamilton project will explore alternative designs to the technical implementation of CBDCs and build upon the first phase’s focus on privacy, resiliency and functionality. The partnership between the Boston Fed and MIT is separate from the digital dollar research which was recently published by the Federal Reserve last month.

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February 4, 2022       /       Unchained Daily       /       Laura Shin Daily Bits ✍️✍️✍️ Jump Crypto replaced the 120,000 ETH on Wormhole’s ETH contract[...]

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The Boston Fed and MIT said the first phase of the project proved a CBDC could feasibly support cryptographic payments

The post MIT and Boston Fed Conclude First Phase of CBDC Research Project appeared first on Blockworks.