Earlier this month, the Federal Reserve Bank of Boston, in collaboration with the Massachusetts Institute of Technology, unveiled its first attempt at designing an electronic form of cash. Researchers claim the system can settle the vast majority of payments in less than two seconds, handles more than 1.7 million transactions per second, and operates around-the-clock.The Boston Fed is collecting public feedback and Federal Reserve Chair Jerome H. Powell claims it will only proceed with congressional authorization.
Some members of the Federal Reserve are continuing to explore the launch of its own digital dollar, as the Federal Reserve Bank of Boston on Thursday unveiled its first attempt at designing an electronic form of cash.
The Boston bank’s research, conducted in a collaboration with the Massachusetts Institute of Technology, does not offer a recommendation about whether the Fed should create its own digital currency. The central bank’s leaders in Washington are in the process of collecting public feedback on that question now, and Federal Reserve Chair Jerome H. Powell said it will only proceed with congressional authorization.
But in the meantime, the Boston team said Thursday that it has solved technical challenges such a product would need to meet. Researchers said they designed a system that can settle the vast majority of payments in less than two seconds, handles more than 1.7 million transactions per second and operates around-the-clock with no service outages in the case of a disruption in its network.
The ultimate product could help extend financial services to people who lack a bank account and make cross-border payments such as remittances safer and easier, said Neha Narula, director of the Digital Currency Initiative at MIT. Narula, in a conference call with reporters, noted that the Boston researchers “aren’t the ones making policy decision on how such a system might operate,” so they have aimed to “create a flexible system that can work with a variety of models.”
Along with a paper describing the team’s work to date, researchers on Thursday published open-source code for the platform that would support the digital currency. Jim Cunha, executive vice president of the Boston Fed, called that a first for the central bank, intended to encourage public input that improves the technology.
For the second stage of what researchers are billing as a multiyear project, the team plans to focus on improving the system’s privacy protections and its exchangeability with other currencies, among other goals. “There’s a lot of work to do here,” Cunha said.
The work follows the release late last month of a paper from the Fed’s Board of Governors weighing the pros and cons of adopting a central bank digital currency. It studiously avoided favoring an outcome. But the Fed appeared to dismiss the possibility of allowing Americans to create consumer banking accounts directly at the central bank, an option touted by some liberals but aggressively opposed by the banking industry.
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New World Order veteran expert G. Edward Griffin joins Maria Zeee to discuss the history of the one-world government, how the financial/banking system is a lie and is about to collapse, and what people need to do now that “they” have been exposed.
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Morgan Gargiulo, an aspiring actor, created a fake lease, moved into a mansion, threw massive parties and charged rent. He charged between $500 to $1,500 for entry to his parties. California “adverse possession” statutes allow squatters to stake a claim over a property after five years of uninterrupted occupancy.
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Authorities have linked the increase in dengue fever cases to climate change, yet they neglected to investigate the effect of dumping 2.4 billion GMO Bill Gates-backed mosquitoes across the world. Google is involved in the sterile mosquito experiment while DARPA funded the mutant Wolbachia bacteria mosquito experiment.
According to the latest provisional data from the CDC, there are about 80,000 overdose deaths per year across the US. A Bloomberg poll of nearly 5,000 voters shows 8 in 10 voters in seven swing states believe fentanyl misuse is a “very important” or “somewhat important” issue when deciding who to vote for in November.
Representative Warren Davidson said, “It’s a sad, disappointing day. Republicans promised to spend less and secure the border. This bill does neither.” The national debt recently skyrocketed to over $34.578 trillion.
Squatters in some blue states are treated like tenants and law enforcement doesn’t help, so landlords are forced to evict them through a lengthy and costly court process.
Gunmen killed 133 concert goers. The building was set on fire. Four Tajik nationals were arrested as their vehicle tried to escape to Ukraine. An affiliate of ISIS operating in central Asia claimed responsibility for the attack. The US warned Russia of a potential attack. The CIA may be involved.
Candace was labeled an antisemite after making a comment about Hitler giving nationalism a bad name was out of context. Her career was put on ice until she had a secret meeting with a rabbi to restore her reputation. The media still pretends that she made an antisemitic slur.
Leonel Morena, an illegal alien from Venezuela living it the US, made this announcement: “My people have thought about invading a house in the United States because I learned that there is a law that says that if a house is not inhabited we can expropriate [seize] it.” The video has racked up 4 million views.
The recent photo of Kate with her three children created a scandal because it was modified. This incident points toward artificial intelligence playing a large role in constructing narratives in the future using fake photos and videos that may discount important evidence.
Irish Prime Minister Varadkar told Biden that the Irish have deep compassion for the Palestinian people and compared the Irish famine with the war and starvation currently in Gaza. Varadkar said that Palestinians need food and water, but they especially need the bombs to stop.
There is a shortage of recruits for the US military due to wars over oil and other resources, COVID vaccine mandates and demoralizing policies. Democrat Senator Dick Durban’s solution is to pass a law allowing ‘undocumented’ people who serve in the US military honorably to become citizens of the United States.
Polish farmers used their tractors to block a major highway crossing the border with Germany in an ongoing protest against European Union agricultural ‘green’ policy and duty-free imports from Ukraine.
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Offline is a documentary on the inevitability of the Earth being slammed by a mega solar flare – not the common type that interrupts communications and creates a light show in the Northern skies – but the big brothers thousands of times more powerful. These monsters deliver enough energy to blow apart the master transformers that supply the planet’s energy grids. When that happens, the lights go out for longer than anyone wants to think about. These X-Class solar storms hit the Earth every 150 years, on average. The last one arrived 156 years ago. We are overdue (More)
The FDIC insures $9 TRILLION of bank deposits with only $125 billion worth of assets. The FDIC cannot insure everybody in a crisis when many people want to withdraw their money all at once. A critic predicted that $5 trillion would be added to expand the balance sheet to bail out banks.
The Fed’s repo loans to Wall Street banks that began on September 17, 2019, will deliver another $270-billion in loans at unprecedented low interest rates. Congress has no control over any of this.
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Ragnar D.
2 years ago
Here’s my feedback to the Federal Reserve: Why do we need YOU to be in control of our “new” money seeing as how you are actively destroying the value of our old money? And besides, Bitcoin will eventually be the new world reserve currency which will be a currency not connected to any government. Second-layer networks like the Lightning Network will be built on top of the base layer Bitcoin network which will allow very fast transactions, so don’t let the crooked central bankers sell you on that aspect of their dead-on-arrival digital currencies.
William Burke
2 years ago
Is that called the Washboard Building?
Jackie
2 years ago
Did you know this?
L. Rafael REIF, President, Massachusetts Institute of Technology (MIT), USA
just so happens to be on the World Economic Forum Board of Trustees. Hmmm, how is that for coincidence?
Jon Nellis
2 years ago
Up front…I understand the necessity of an accepted and sanctioned modicum of exchange. The “tool” that is called “money” was created to represent the “VALUE” of productive labor. That value was determined by the individual(s) whom produced the goods and or services exchanged usually over a pint in the local tavern. I give you this…you give me that….spit in hands and shake. Money made that much much easier. But that same money came with consequences intentional or not, the DISASSOCIATION of value to labor. The money became the value not the effort. Gold and silver were chosen most likely because… Read more »
Here’s my feedback to the Federal Reserve: Why do we need YOU to be in control of our “new” money seeing as how you are actively destroying the value of our old money? And besides, Bitcoin will eventually be the new world reserve currency which will be a currency not connected to any government. Second-layer networks like the Lightning Network will be built on top of the base layer Bitcoin network which will allow very fast transactions, so don’t let the crooked central bankers sell you on that aspect of their dead-on-arrival digital currencies.
Is that called the Washboard Building?
Did you know this?
L. Rafael REIF, President, Massachusetts Institute of Technology (MIT), USA
just so happens to be on the World Economic Forum Board of Trustees. Hmmm, how is that for coincidence?
Up front…I understand the necessity of an accepted and sanctioned modicum of exchange. The “tool” that is called “money” was created to represent the “VALUE” of productive labor. That value was determined by the individual(s) whom produced the goods and or services exchanged usually over a pint in the local tavern. I give you this…you give me that….spit in hands and shake. Money made that much much easier. But that same money came with consequences intentional or not, the DISASSOCIATION of value to labor. The money became the value not the effort. Gold and silver were chosen most likely because… Read more »