Financial Services Company DTCC Working With Digital Dollar Project on CBDC Prototype

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NEW: Financial services provider The_DTCC and Digital_Dollar_ are developing a U.S.-based central bank digital currency prototype. HeleneBraunn reports

“This is an experimentation on whether or not a digitalized form of a central bank digital currency drives any additional value to the industry in the capital market space,” said Jennifer Peve, managing director and head of strategy and business development at DTCC.While a CBDC can serve multiple purposes, Project Lithium is particularly focused on the needs of the financial services industry, such as how a CBDC could benefit the clearing and settlement of securities.

“It will maintain many of the existing elements of our currency today, so it’s effectively representing the U.S. dollar but in a digitalized form and on blockchain,” said Peve. Other areas the pilot will attempt to identify are reduced counterparty risk and trapped liquidity, increased capital efficiency and a more efficient, automated workflow, according to the press release.

“There are different ways that this can take shape, and understanding those various methods or which ones make most sense for us and the industry and the country is very important,” Peve said.Save a Seat NowThe leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a

 

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