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šŸ’„NY Fed, 8 banks to test digital dollars on Regulated Liability NetworkšŸ’„
November 15, 2022
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Today the New York Innovation Center (NYIC), aĀ NY Federal ReserveĀ initiative, announced a tokenized money or digital dollar project involving nine financial institutions. It will use theĀ Regulated Liability NetworkĀ (RLN), which Citi first conceived, to use the same DLT network to support central bank liabilities, commercial bank money and non-bank issuer liabilities. Citi, BNY Mellon, Wells Fargo, HSBC and Mastercard are among the participants.

Background of the Regulated Liability Network

Many that are interested in digital currency will be aware of JP Morgan’s JPM Coin. While this is tokenized money, it only works for clients with JP Morgan bank accounts. If you had a separate Citi Coin and a Wells Fargo Coin, there’s a good chance they’d use different technologies. If you want to use distributed ledger technology for interbank payments, you will end up with an interoperability challenge.

Citi’sĀ Tony Mclaughlin wanted to re-frame the debateĀ from public versus private money to regulated versus unregulated money. And hence create a single Financial Market Infrastructure and platform that could support central bank money, as well as commercial banks and e-money providers. Future regulated stablecoins were also part of his vision.Ā 

The plan was also not to limit it to one currency but to support multiple central banks as part of the same FMI.Ā 

In some ways, it’s a lot like the current banking system, but all the different monies from institutions are tokenized. And they are programmable and can be exchanged 24/7.

NYIC’s RLN trial

During NYIC’s 12-week trials, the focus is on digital dollar payments for digital asset transactions, but SWIFT is also participating to support international interoperability.Ā Ā 

At this stage, the project will be a simulation and, in addition to the five institutions mentioned, will also include PNC Bank, TD Bank, Truist and U.S. Bank.

At first, Citi worked with enterprise blockchain firm SETL on the solution. Subsequently,Ā SETL partnered with Digital Asset, which has its DAML smart contract language, and the two tech companies created a joint venture. One benefit of SETL is that it claims to address the scalability challenges that plague many DLT projects. Digital Asset also has extensive experience in capital markets through projects with multiple stock exchanges such as ASX, Deutsche Boerse, SGX, and HKEX.

One observation is the reference to the RLN as a financial market infrastructure (FMI) rather than a network, like SWIFT. It’s far tougher to get the regulatory nod to launch an FMI.

Other interbank initiatives

There are quite a few other interbank blockchain payment initiatives apart from the RLN. In the United States, two domestically focused solutions are theĀ USDF ConsortiumĀ andĀ TassatPay, both of which have so far attracted multiple banking participants. Internationally, there’sĀ Fnality,Ā PartiorĀ andĀ SWIFT.

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Join this Now! YOU have what it takes!

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The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, ā€œThe Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.ā€

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While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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šŸ™ Donations Accepted šŸ™

If you find value in my content, consider showing your support via:

šŸ’³ PayPal:Ā 
1) Simply scan the QR code below šŸ“²
2) or visit https://www.paypal.me/thedinarian

šŸ”— Crypto
XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
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