Boston Fed, MIT See Promise in Possible Digital-Dollar Code

The work of creating a possible U.S. digital dollar inched ahead Thursday with initial research by the Federal Reserve Bank of Boston into the code that eventually could support such a currency.

The Boston Fed, in collaboration with the Massachusetts Institute of Technology’s Digital Currency Initiative, released a 35-page white paper on the findings of its technological research, which focused on developing software to process transactions. The researchers created and examined two possible code bases, including one that was capable of handling 1.7 million transactions per second.