> This U.S. proof-of-concept project is experimenting with the concept of a regulated liability network. It will test the technical feasibility, legal viability, and business applicability of distributed ledger technology to settle the liabilities of regulated financial institutions through the transfer of central bank liabilities.
Am I reading this right, to translate "central bank liabilities" as reserve balances at the Federal reserve?
If so, why bother with a distributed ledger?