NYFed and MAS To Bring Cross-border Payments via Wholesale CBDCs
CoinEdition
Published Nov 11, 2022 11:35AM ET
Updated Nov 11, 2022 12:00PM ET
NYFed and MAS To Bring Cross-border Payments via Wholesale CBDCs
- NY Fed and MAS’s Project Cedar x Ubin+ explore wholesale central bank digital currencies (wCBDCs).
- Project Cedar Phase II x Ubin+ will offer insight into the functionality of a multi-currency ledger.
- Leong Sing Chiong said wCBDCs will help build open financial infrastructures.
The New York Innovation Center (NYIC) of the Federal Reserve Bank of New York and the Monetary Authority of Singapore (MAS) announced Project Cedar Phase II x Ubin+. It is a collaborative experiment to investigate how wholesale central bank digital currencies (wCBDCs) could improve the efficiency of cross-border wholesale payments involving multiple currencies.
Similarly, Leong Sing Chiong, Deputy Managing Director (Markets & Development), stated that the Project Cedar Phase II x Ubin+ encourages efforts to examine the benefits of wholesale CBDCs and assists in the development of skills for a future financial infrastructure that is transparent and interoperable. The project takes a realistic approach, planning for any future wholesale CBDC to be cross-network interoperable while maintaining the independence of each network.
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