Gillian Tett - How the Fed’s digital currency could displace crypto

The Boston Fed and MIT are building a CBDC from scratch that aims to usurp existing tokens

 Second, after the Fed releases a white paper “that will document the ability to meet reasonable goals with core processing”, it will “create an open source licence for the code”, as Eric Rosengren, Boston Fed president, recently pledged. This is an unusually open approach for the Fed, to put it mildly. US officials appear to hope that if their code is copied, it will improve it and — most crucially — give the US more influence over global standard setting.

Financial Times 

Gillian Tett - How the Fed’s digital currency could displace crypto