New York FRB united with the Central Bank of Singapore to study CBDC

The Innovation Center of the Federal Tax Service of New York and the Cash-Credit Management of Singapore (MAS) launched the CEDAR PHASE II X Ubin project+. It is aimed at studying the compatibility of wholesale CBDC in cross -border transactions.

The initiative is aimed at assessing the reduction of risks related to calculations.

“The project provides that any wholesale CBDC will be compatible between networks, while maintaining its independence “, – explained Leong Sing Chicong, deputy managing director of MAS.

On November 4, within the framework of the first phase of the CEDAR project, spot operations were carried out between different currencies in different registers through the permitted blockchain using the release model of unused transactions.

CEDAR supplements the work of the Federal Tax Service of Boston https://gagarin.news/news/670-million-in-crypto-losses-from-hacker-attacks-in-q-2-of-2022/ and MIT to create a retail CBDC in the Hamilton project.

UBIN+ – MAS International initiative to increase efficiency and reduce risks of cross -border calculations in foreign currency due to the expansion of cross -border communication and functional compatibility of CBDC.

Recall that in September, Fed Chairman Jerome Powell announced the absence of a decision to launch a digital dollar.

Earlier, the head of the Federal Reserve, at a hearing in the Senate, announced the preparation of a strategy for the implementation of CBDC.

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