Citigroup, Wells Fargo & other financial institutions are kicking off a new digital dollar pilot with Fed

According to Reuters, Citigroup, Wells Fargo, and other financial institutions have begun a new digital dollar pilot program with the Federal Reserve Bank of New York.

U.S. Banking Giants Start Digital Dollar Pilot

The initiative, known as the regulated liability network, will be carried out with simulated data. The experiment, which will run for 12 weeks, is designed to see if digital dollar tokens could speed up payments.

The U.S. Treasury Department suggested looking into the possibility of creating a digital dollar in mid-September. The Biden administration is certain that the digital dollar will help the US maintain its position as the world’s financial system’s dominant nation.

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