Boston Fed, MIT release technical research on central bank digital currencies

The Federal Reserve Bank of Boston and the Massachusetts Institute of Technology unveiled on Thursday long-awaited technical research and open-source code that could be used as the groundwork for a potential central bank digital currency.

The first phase of the multi-year project, dubbed"Project Hamilton," focused on developing software that is flexible and resilient. The work resulted in code that is capable of handling 1.7 million transactions per second. Researchers also found the"vast majority" of transactions settled in under two seconds.

In a separate discussion paper released last month by the Fed's Board of Governors, the central bank said a digital dollar would"best suit" U.S. needs if it were intermediated through the current financial system, but did not rule out other approaches.

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