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The US government has found a way to implement the digital dollar

The US Federal Reserve continues research to help make the “digital dollar” something real. And, as it became known, the above-named organization really approached the issue seriously, because it finally presented the technical specification of how exactly such a dollar can work, as reported by the authoritative edition of The Washington Post. And to refer to a new paper on the subject, the researchers have developed a system that is capable of processing more than 1.7 million transactions per second, as well as making payments in less than two seconds, “working around the clock, seven days a week.”

Going into more detail, the Hamilton Project study on central bank digital currency was designed solely to test the feasibility of creating a digital currency, and not to provide any advice on whether the US Federal Reserve should create one as a whole. It is important to note that according to researchers at the Massachusetts Institute of Technology Digital Currency Initiative and the Federal Reserve Bank of Boston, the digital dollar is based on open source research software OpenCBDC.

The team said that they sought to solve the technical problems of this very code, making it more flexible depending on how politicians would choose to introduce such a digital currency into the social mechanism. If it were ever passed, it could allow people who don’t have bank accounts to access financial services and make cross-border payments much easier and safer. One way or another, in any case, it should be understood that work on the digital dollar is still in its rather early stages, and issues such as privacy and ease of exchange with foreign currencies still need to be carefully studied.

The Federal Reserve just recently conducted a public study of the digital currency, announcing plans to conduct a full study last May. In general, the United States of America is quite noticeably behind other countries, especially China, in the development of digital currencies. So if America really wants to prove itself in this field, then the country should concentrate its efforts on the digital dollar. So far, this is the best chance for the country to organically join this race.

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