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Boston Fed’s first look at digital U.S. dollar nearly done, official says By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: This illustration shows the U.S. dollars banknote taken on May 26, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

By Jonnelle Marte

(Reuters) – The first phase of a multi-year research project the Boston Federal Reserve is doing with the Massachusetts Institute of Technology on the technology that could be used for a digital dollar is nearly done and could be released over the next month or so, a Boston Fed official said on Wednesday.

Project Hamilton is a research project that examines the technical problems involved in building a central banking digital currency. This is distinct from the Fed’s upcoming discussion paper on the issues surrounding the digital dollar. These papers were originally due to be issued this summer.

According to Jim Cunha of the Boston Fed’s senior vice president, the research results will contain open-source code. This could provide a model for the U.S. CBDC. They will also examine the system’s ability handle high volumes of transactions.

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