The Federal Reserve Bank of Boston is partnering with researchers at the Massachusetts Institute of Technology (MIT) in an effort to build and test a “hypothetical” central bank digital currency (CBDC), Fed Governor Lael Brainard said in a speech Thursday at the Federal Reserve Bank of San Francisco.
The central bank aims to gain a deeper understanding of the opportunities, challenges and use cases of digital currencies as a complement to cash and other payments options, Brainard said, adding that the findings from the study will be published, and any codebase that is developed will be offered as open-source software for anyone to use for experimentation.
“There continues to be strong demand for U.S. currency, and we remain committed to ensuring the public has access to a range of payments options,” she said.
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