Promissory Notes - Banking & Finance Insights, Issue 2

The Fed Plans to Unveil Digital Dollar Prototypes in July -

"The Boston Fed and MIT hope to unveil some of their work in the third quarter, including at least two prototype software platforms that could move, store and settle transactions made with digital dollars."

Why this is important: Once these prototypes are released, the public will have access to the source codes and will be able to help improve the prototypes. This will aid greatly in some of the aspects of digital currency that the public should be wary of, including security of transfers. The Fed is pushing Congress to pass a separate law authorizing the use of a digital dollar, instead of interpreting currently enacted laws to allow the currency. Without an early buy-in from Congress, these prototypes are unlikely to get off the ground.

Please see full Newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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