{"id":711982,"date":"2022-11-15T10:03:20","date_gmt":"2022-11-15T15:03:20","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/members-of-the-u-s-banking-community-launch-proof-of-concept-for-a-regulated-digital-asset-settlement-platform\/"},"modified":"2022-11-15T10:03:20","modified_gmt":"2022-11-15T15:03:20","slug":"members-of-the-u-s-banking-community-launch-proof-of-concept-for-a-regulated-digital-asset-settlement-platform","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/members-of-the-u-s-banking-community-launch-proof-of-concept-for-a-regulated-digital-asset-settlement-platform\/","title":{"rendered":"Members of the U.S. Banking Community Launch Proof of Concept For A Regulated Digital Asset Settlement Platform"},"content":{"rendered":"

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\nMembers of the U.S. Banking Community Launch Proof of Concept For A Regulated Digital Asset Settlement Platform\n<\/p>\n

Platform Design Aims to Prioritize Maximum Participation From Public and Private Sector <\/i>Regulated Entities<\/i><\/p>\n

PURCHASE, N.Y.–(BUSINESS WIRE<\/a>)–
\nMembers of the U.S. banking community today announced the launch of a proof of concept (PoC) project that will explore the feasibility of an interoperable digital money platform known as the regulated liability network (RLN). Using distributed ledger technology, the proposed platform would create innovation opportunities to improve financial settlements and would include participation from central banks, commercial banks of various sizes and regulated non-banks.\n<\/p>\n

\nThe 12-week PoC will test a version of the RLN design that operates exclusively in U.S. dollars where commercial banks issue simulated digital money or \u201ctokens\u201d \u2013 representing the deposits of their own customers \u2013 and settle through simulated central bank reserves on a shared multi-entity distributed ledger. The PoC will also test the feasibility of a programmable digital money design that is potentially extensible to other digital assets, as well as the viability of the proposed system within existing laws and regulations.\n<\/p>\n

\nMembers of the U.S. banking and payments community involved in this PoC (as listed further below) are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York. The NYIC collaborates with the private and public sectors on innovations aimed at enhancing the functioning of the global financial system and the ability of central banks to carry out their missions. For information from the New York Innovation Center on this collaboration, see here.<\/a><\/p>\n

\nOther key aspects of the PoC include:\n<\/p>\n