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U.S. Banks Launch a Digital Dollar Blockchain Pilot

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While the crypto market is shaken to its core by the failure of FTX, traditional financial institutions are taking a step into the world of digital currency.

A group of banking institutions—including HBSC, Mastercard, and Wells Fargo—announced on Tuesday the launch of a proof-of-concept digital money platform called the Regulated Liability Network (RLN).

“Members of the U.S. banking and payments community involved in this [proof-of-concept] are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,” the group said in a statement.

According to the group, the platform will use distributed ledger technology, better known as a blockchain, to create opportunities to improve financial settlements. It would also draw participation from central banks, commercial banks, and “regulated non-banks,” including BNY Mellon, Citi, PNC Bank, Swift, TD Bank, Truist, and U.S. Bank.

In response to the announcement, exiled whistleblower Edward Snowden tweeted simply, “It begins.”

The potential of central bank digital currencies,…

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