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Gillian Tett – How the Fed’s digital currency could displace crypto

Summary:
The Boston Fed and MIT are building a CBDC from scratch that aims to usurp existing tokens Second, after the Fed releases a white paper “that will document the ability to meet reasonable goals with core processing”, it will “create an open source licence for the code”, as Eric Rosengren, Boston Fed president, recently pledged. This is an unusually open approach for the Fed, to put it mildly. US officials appear to hope that if their code is copied, it will improve it and — most crucially — give the US more influence over global standard setting.Financial Times Gillian Tett - How the Fed’s digital currency could displace crypto

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The Boston Fed and MIT are building a CBDC from scratch that aims to usurp existing tokens


 Second, after the Fed releases a white paper “that will document the ability to meet reasonable goals with core processing”, it will “create an open source licence for the code”, as Eric Rosengren, Boston Fed president, recently pledged. This is an unusually open approach for the Fed, to put it mildly. US officials appear to hope that if their code is copied, it will improve it and — most crucially — give the US more influence over global standard setting.


Financial Times 


Gillian Tett - How the Fed’s digital currency could displace crypto

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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