NY Fed launches 12-week CBDC pilot program with major banks

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The Federal Reserve Bank of New York’s Innovation Center, or NYIC, announced that it would be launching a 12-week proof-of-concept pilot for a central bank digital currency, or CBDC.

In a Nov. 15 announcement, the New York Fed said the program would explore the feasibility of an “interoperable network of central bank wholesale digital money and commercial bank digital money operating on a shared multi-entity distributed ledger” on a regulated liability network. Banking giants including BNY Mellon (NYSE:BK), Citi, HSBC, Mastercard (NYSE:MA), PNC Bank, TD Bank, Truist, U.S. Bank and Wells Fargo (NYSE:WFC) will be participating in the pilot by issuing tokens and settling transactions through simulated central bank reserves.

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