- Federal Reserve’s Digital Dollar Push Worries Wall Street
by Joe Light, https://www.bloomberg.com/
* Boston Fed, MIT researchers plan to unveil platform work soon* Project could threaten banks, credit cards, cryptocurrencies
The financial services industry, braced for what could be its biggest disruption in decades, is about to get an early glimpse at the Federal Reserve’s work on a new digital currency.
Wall Street is not thrilled.
Banks, credit card companies and digital payments processors are nervously watching the push to create an electronic alternative to the paper bills Americans carry in their wallets, or what some call a digital dollar and others call a Fedcoin.
As soon as July, officials at the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology, which have been developing prototypes for a digital dollar platform, plan to unveil their research, said James Cunha, who leads the project for the Boston Fed.