Governor Lael Brainard said Fed and MIT are working on a “multiyear effort to build and test a hypothetical digital currency oriented to central bank uses”.

The objectives are “to assess the safety and efficiency of digital currency systems, to inform our understanding of private-sector arrangements, and to give us hands-on experience to understand the opportunities and limitations of possible technologies for digital forms of central bank money.”

“Lessons from this collaboration will be published, and any codebase that is developed through this effort will be offered as open-source software for anyone to use for experimentation.”

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