The prototype digital dollar, being developed by the Boston Federal Reserve and the Massachusetts Institute of Technology (MIT), will arrive in July 2021.
As James Cunha, head of the Federal Reserve’s digital dollar project in Boston, noted, digital currency could fundamentally change the way Americans use money. Therefore, many financial companies are trying to lobby for a slowdown in the development of the digital dollar.
Cunyi said there are plans to introduce at least two platforms this quarter that can store and move digital dollars. He did not say if these platforms use blockchain. But after the launch of the platforms, third-party companies and organizations will be able to build their own systems on their basis.
“Everyone is afraid that you will ruin the business of established companies with this completely new means of payment,” said Michael Del Grosso, an analyst at Compass Point Research & Trading.
Recall that while US officials have not yet approved the release of the national digital currency and such approval may take several years. They also have yet to figure out how to embed the digital dollar into the global payments network.
“We thought it was important not to wait for the decision of politicians, because then we would be lagging behind for a year or even more. The approval will require extensive discussions and opinions from many industry representatives, ”said Kunya.
Earlier, Fed Chairman Jerome Powell said that the launch of the digital dollar is possible only after careful research and invited Congress to think about laws regulating the use of digital currency.
Recall that now the only state that has already launched the national digital currency into real use is the Bahamas. Sand Dollar was released in October 2020. Russia is actively researching the digital ruble and testing of such a currency may begin next year.
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