The Federal Reserve Bank of New York (NY Fed), along with several other large financial institutions, has begun testing the usage of digital tokens that symbolize digital dollars to enhance the settlement of central bank funds between institutions. NY Fed Introduced 12-Week Proof-of-Concept Trial According to the announcement made by NY Fed on Tuesday, institutions participating in the testing of digital tokens use cases include Citigroup (C), HSBC (HSBC), BNY Mellon (BK), and Wells Fargo (WFC), as well as payments behemoth Mastercard (MA). NYIC stated that it would begin a 12-week proof-of-concept trial for a central bank digital currency or The post NY Fed Begins Testing Digital Tokens for Wholesale Transactions appeared first on Cryptoknowmics-Crypto News and Media Platform .
