March 24, 2023

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The combined effort’s goal is to evaluate the potential widespread use of central bank digital currencies in international trade. 

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To investigate CBDC NEWS, the NY Fed joined forces with MAS Singapore. A joint Central Bank Digital Currency (wCBDC) experiment is being launched by the Monetary Authority of Singapore (MAS) and the New York Innovation Center (NYIC) of the Federal Reserve Bank of New York.

The potential of wCBDC in cross-border wholesale payments is being investigated by regulators. Project Cedar Phase II x Ubin was officially launched on November 11 by MAS. For cross-border foreign exchange transactions within this framework, wCBDC will be used as the body unit by NYIC and MAS. The objective is to evaluate wCBDC’s potential ability to cut down agreement risk.

Leong Sing Chiong emphasized the importance of the experiment’s central idea of interoperability. This project will adopt an applicable plan and create approaching sweeping CBDCs for network interoperability while preserving the independence of each network.

As stated in the argument, the project does not support any particular argumentation results and does not suggest that the Federal Reserve will decide to issue cryptocurrency any time soon. The undertaker’s findings will be published in a report at the beginning of the next year.

NY study on Project Cedar’s initial phase

Using a permissioned blockchain network and an output model for raw transaction data, point trading operations were initially done in various currencies and registries. The Federal Reserve Bank work on the selling CBDC Undertaking Hamilton, which is being carried out in colligation with the MIT Digital Currency Initiative, is supplemented by the Cedar project.

By facilitating international communication and wholesale digital money interoperability, the Ubin project is a worldwide MAS enterprise that seeks to increase productiveness and lower jeopardy in cross border settlements in the Forex market.

Michelle Neal, the Head of Markets and Deputy Governor of the New York Fed, stated during a presentation in Singapore that the Fed is currently considering abroad trading agreement from a Federal Reserve perspective, but does not currently have any plans to issue a CBDC.

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