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Gungun Bhatia
Nov 11, 2022
by Gungun Bhatia

Singapore MAS and New York Fed Team Together to Research wCBDCs

MAS New York Fed wCBDCs

Table of contents

  1. MAS Collaborated With New York Fed on wCBDCs
  2. Report on Project Cedar
The Monetary Authority of Singapore (MAS) and the New York Fed, New York Innovation Center (NYIC) will commence a cooperative investigation with wholesale central bank digital currencies (wCBDCs). The potential of the wCBDC for international wholesale payments is being eagerly tested by regulators.

MAS Collaborated With New York Fed on wCBDCs

The MAS declared the beginning of Project Cedar Phase II x Ubin+ on November 11. According to their framework, wCBDCs will be used as a settlement asset in cross-border, cross-currency transactions by NYIC (New York Fed) and MAS. The objective is to evaluate wCBDCs' potential capacity to lower risk exposures.

MAS's Deputy Managing Director, Leong Sing Chiong, emphasized the notion of connectivity, which is central to the experiment. He stated that the project adopts a pragmatic approach and plans for any eventual wholesale CBDC to be compatible with several networks while preserving each network's independence.

Report on Project Cedar

According to the announcement, Project Cedar Phase II x Ubin+ will not promote any particular policy result or suggest any impending Federal Reserve decisions about the issuance of a CBDC. In 2023, a report summarising the project's findings needs to be made public.

On November 4, NYIC (New York Fed) published a report on Project Cedar's initial phase. Spot transactions between multiple currencies were conducted during the initial phase over a permissioned blockchain network with an output mechanism for unspent transaction data.

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Monetary Authority of Singapore (MAS) New York Innovation Center (NYIC) wholesale central bank digital currencies (wCBDCs Project Cedar Phase II x Ubin+
Singapore MAS and New York Fed Team Together to Research wCBDCs
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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