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Wall Street Tests Crypto Dollars With Fed, Defying FTX Gloom (1)

Nov. 15, 2022, 4:10 PM

A Federal Reserve Bank of New York unit will partner with almost a dozen banks and other financial institutions to test out digital dollars, a sign that Wall Street intends to push ahead with its cryptocurrency agenda despite recent upheaval in the market.

Banks including Citigroup Inc. and Wells Fargo & Co. will work with the Fed’s New York Innovation Center on a new network as part of the 12-week test. The technology -- known as a regulated liability network -- will allow banks to simulate issuing digital money representing their customers’ own funds before settling through central bank reserves ...