Block Relations Statement on the Boston Fed and MIT’s CBDC Codebase Collaboration
From The Desk of Steve Vilkas, Block Relations Co-Founder and Director of Intelligence
“To enhance the Federal Reserve’s understanding of digital currencies, the Federal Reserve Bank of Boston is collaborating with researchers at the Massachusetts Institute of Technology in a multiyear effort to build and test a hypothetical digital currency oriented to central bank uses. The research project will explore the use of existing and new technologies as needed. Lessons from this collaboration will be published, and any codebase that is developed through this effort will be offered as open-source software for anyone to use for experimentation.”
-Federal Reserve Board Governor Lael Brainard
Thanks to Alex Smith’s team over at TDC (The Daily Chain) — particularly the work of Gareth Jenkinson, we learned that the Federal Reserve Bank of Boston is currently working with MIT (Massachusetts Institute of Technology) to develop a codebase that will explore the potential of a CBDC (Central Bank Digital Currency).
This partnership, as reported by Mr. Jenkinson, came to light during a recent speech delivered by the Fed’s Governor Lael Brainard. The speech can be accessed here.
Kenneth Garofalo and I have long held out hope for meaningful connection, conversation and collaboration at this level — — and knowing that Massachusetts Institute of Technology is part of the process is even more encouraging due to its relationships and reputation held within the blockchain and crypto ecosystems.
Block Relations itself, having become aware of this intelligence, has begun the research process. Brian H. Hough, our Chief Strategy Officer, will be publishing a piece analyzing this significant development within the next several days in a similar vein to his work with the Twitter cyberattack.
BR welcomes this news and our entire organization will continue to do its part in opening the doors for further encounters and initiatives of excellence for the United States.
