Yesterday the Monetary Authority of Singapore (MAS) and the New York Innovation Center (NYIC), part of the NY Federal Reserve, announced joint experiments for cross border CBDC, Project Cedar Phase II x Ubin+.
The project will explore the potential efficiencies of using wholesale central bank digital currencies (CBDCs) for cross border payment.
It will particularly investigate the reduction in settlement risk by using wholesale CBDC (wCBDC) as a settlement asset and the interoperability of two networks using different technologies.
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