MNBC – A “proof of concept” blockchain tied to the digital dollar

Is it a coincidence of time or a pinpoint coup d’état? Be that as it may, an official announcement mentions an official project by “digital currency platform” pegged to the US dollar. This in the midst of one of the worst internal crises in the cryptocurrency industry. A proof of concepts (PoC) conducted by a group of reputable banking institutions which is expected to last 12 weeks. Explanations…

Its code name is ” regulated liability network (RLN) or regulated liability network in French. A project led by members of the US-based banking (HSBC, Wells Fargo) and payments (MasterCard) community. With the purpose of conduct a proof of concept (PoC) campaign in partnership with the New York Innovation Center (NYIC), which is an integral part of the Federal Reserve Bank of New York.

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Digital Dollar – Proof of Concept in progress

This approach therefore fits into the larger picture of the settlementa central bank digital dollar similar to MNBC. A project that is struggling to see the light, if we compare it with its already functioning Chinese version. With the aim of developing a blockchain that should “create opportunities for innovation to improve financial regulations”. All with the participation of central banks, commercial banks of various sizes and regulated non-banks. »

This 12-week proof-of-concept (PoC) will test a version of the RLN project that operates exclusively in US dollars in which commercial banks issue simulated digital money or “tokens” – representing their customers’ deposits – and settle through a simulated central bank reserves on a shared distributed ledger. »

Press release

A project that seems to include big names in traditional finance such as BNY Mellon, Citi, PNC Bank, the Swift network, TD Bank, Truist and US Bank. With, as a sine qua non, the establishment of a KYC-type registration system and a strengthened requirement to fight against money laundering. But in the end, the mentioned possibility of being able to integrate other digital assets such as “regulated stablecoins”.

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However, this proof of concept remains a simple simulation. For the press release, he does not fail to specify that this experiment “is not intended to anticipate a specific political outcome, nor to signal that the Federal Reserve will make any imminent decisions on whether to issue a retail or retail MNBC (CBDC). wholesale, or how an MNBC would necessarily be designed.” How to say that the digital dollar is not yet for tomorrow

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