NY Fed and MAS publish joint CBDC cross-border payment project results By Cointelegraph
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The Federal Reserve Bank of New York’s New York Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) have published the results of their joint “Project Cedar Phase II x Ubin+.” The project examined the use of central bank digital currency (CBDC) for wholesale cross-border payments using one or more vehicle currencies.
A vehicle currency is a highly liquid currency used to facilitate the trading of two less liquid currencies. The first low-liquidity currency is converted into the vehicle currency, which is then converted into a second low-liquidity currency. MAS deputy managing director Leong Sing Chiong said in a statement:
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The Federal Reserve Bank of New York’s New York Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) have published the results of their joint “Project Cedar Phase II x Ubin+.” The project examined the use of central bank digital currency (CBDC) for wholesale cross-border payments using one or more vehicle currencies.
A vehicle currency is a highly liquid currency used to facilitate the trading of two less liquid currencies. The first low-liquidity currency is converted into the vehicle currency, which is then converted into a second low-liquidity currency. MAS deputy managing director Leong Sing Chiong said in a statement:
Continue Reading on Coin Telegraph
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