Boston Fed, MIT create open source code for hypothetical CBDC in research project

The Federal Reserve Bank of Boston and the Massachusetts Institute of Technology's Digital Currency Initiative issued its first findings into researching technologies for a central bank digital currency (CBDC). The collaboration, called Project Hamilton, focuses on experimentation and doesn't aim to create a usable CBDC for the U.S., the bank said. Rather, it's meant to understand how emerging technologies could support a CBDC and the challenges that remain. "This collaboration between MIT and our technologists has created a scalable CBCD research model that allows us to learn more about these technologies and the choices that should be considered when designing a CBDC," said Boston Fed Executive Vice President and interim Chief Operating Officer Jim Cunha. The research described a theoretical high-performance and resilient transaction processor for a CBDC by developing open-source research software, OpenCBDC. In the first phase of the project, the team created a core processing engine for a