Black_background_logo_BitcoinWorld-removebg-preview
DTCC
Latest News

The DTCC has unveiled a prototype to enable the Federal Reserve’s digital currency

The Depository Trust & Clearing Corporation (DTCC), one of the leading financial service providers in the United States, has announced “Project Lithium,” a pilot program to test infrastructure in support of a digital currency based on blockchain technology in the United States.

The DTCC stated in a statement on Tuesday that Project Lithium is based on blockchain technology and will investigate how a central bank digital currency (CBDC) might operate in the US clearing and settlement infrastructure.

According to the corporation, the prototype would “evaluate the benefits of a CBDC and shape the future”

” design of the firm’s clearing and settlement solutions.”

According to the business, the prototype would “show direct, bilateral settlement of digital tokens in real-time delivery-versus-payment scenarios.”

The Digital Dollar Project, a non-profit made up of former US regulators, IT leaders. Then, and Accenture executives, is collaborating with DTCC, which offers post-trade market infrastructure to financial institutions. That’s, with initial support from Accenture.

The action comes just a month after President Joe Biden signed an Executive Order. Thereby, stating that the study and development of a US CBDC is of “utmost importance.”


Related Posts – ANZ is the first bank in Australia to mint a digital currency

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.