Mission CBDC on the last stage of Development testing begins.
More than ten traditional banking giants are working together for CBDC development.
According to the announcement of the traditional financial sector of the U.S, a group of three financial giants has opened up the testing phase of the digital currency platform, which is termed the Regulated Liability Network(RLN).
In the press release of members of the U.S banking community, it is noted that ” Members of the U.S. banking and payments community involved in this PoC (Proof-Of-Concept) are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York.”
According to financial giants, the RLN will use distributed ledger technology, popularly known as Blockchain, to boost the financial settlement system.
The digital initiative comprises many other traditional market financial bulls like BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Trust, U.S Bank, and Wells Fargo.
The press release also notes that SETL provides the existing technology with digital assets powered by Amazon Web services.