Federal Reserve and MAS Launch Joint wCBDC Experiment

The Federal Reserve Bank of New York and Monetary Authority of Singapore collaborate on a joint experiment to test wholesale central bank digital currencies for cross-border payments.

Published on 2022-11-11

Collaboration on Wholesale Central Bank Digital Currencies

The Federal Reserve Bank of New York’s New York Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) are partnering to launch a joint experiment with wholesale central bank digital currencies (wCBDCs). This initiative aims to explore the potential of wCBDCs in enhancing cross-border wholesale payments.

Project Details and Objectives

The experiment, announced on November 11, is part of Project Cedar Phase II x Ubin+. It will test the use of wCBDCs as a settlement asset in cross-border, cross-currency transactions. A key objective is to assess how wCBDCs can reduce settlement risk, a critical challenge in international financial transactions.

Implications for Global Finance

This collaboration marks a significant step in advancing the development of digital currencies for wholesale markets. By leveraging wCBDCs, the project aims to improve the efficiency and security of cross-border payments, potentially paving the way for broader adoption of digital currencies in global financial systems.

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