Project Cedar project
Overview
Project Cedar is a multi-phase wholesale central bank digital currency research programme run by the New York Innovation Center at the Federal Reserve Bank of New York — the centre's inaugural project. Phase I, a 12-week experiment whose results were published in November 2022, built a prototype wholesale CBDC and tested atomic settlement of spot foreign exchange trades on a distributed ledger, reporting settlement in under ten seconds against a conventional norm measured in days. Phase II was run jointly with the Monetary Authority of Singapore as Project Cedar Phase II x Ubin+, examining multi-currency cross-border wholesale payments. The New York Fed has stressed that the work is experimental and does not imply any Federal Reserve decision to issue a CBDC.
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