Boston Fed and MIT collaborate on digital currency research

The Federal Reserve Bank of Boston is collaborating with the Massachusetts Institute of Technology on building and testing a “hypothetical central bank digital currency”.

The two- to three-year project will begin by developing a CBDC for “wide-scale, general purpose use”, the Boston Fed says.

“The objective in this phase will be to determine how to architect a scalable, accessible cryptographic platform to meet the needs of a theoretical US dollar CBDC, including stringent design requirements