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U.S. Banks Launched a Digital Dollar Blockchain Pilot

FTX’s bankruptcy has shaken the cryptocurrency market to its very foundation, but conventional financial institutions are entering the world of virtual currency. According to a group of banking organisations that includes HBSC, Mastercard, and Wells Fargo, The Regulated Liability Network(RLN), a proof-of-concept digital currency platform, was launched on Tuesday. The New York Innovation Center (NYIC), a branch of the Federal Reserve Bank of New York, expressed its delight in working with the nation’s banking and payments industry participants on this [proof-of-concept] project. The platform, according to the organisation, would take advantage of chances to improve financial settlements by utilising distributed ledger technology, sometimes referred to as a blockchain.

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