Project Cedar Phase News Today

The Bank for International Settlements and the central banks of France, Singapore and Switzerland released a report June 28 on a model for foreign exchange trading that uses decentralized finance technology.

In this weekly post, we round-up FinTech-related financial services regulatory developments for the week ending 26 May 2023.

When it comes to carrying value across illiquid currency corridors, the dollar is a sturdy mule. The enormous coordination and trust it will require to first create a global digital public good, and then agree on its ownership and governance, makes digital currencies a non-starter

The Federal Reserve Bank of New York’s New York Innovation Center and the Monetary Authority of Singapore published a research report detailing the results of the joint Project Cedar Phase II x Ubin+ (Cedar x Ubin+) experiment.

Blockchain-inspired technology can be used to execute more efficiently cross-border payments that involve multiple currencies. Read more at straitstimes.com.

Leong Sing Chiong, Deputy Managing Director (Markets & Development), MAS, said the experiment envisions are future of digital currency where wholesale

The Federal Reserve Bank’s New York Innovation Center and the Monetary Authority of Singapore have published the results of a joint project to improve simulated central bank digital currency transactions.

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Boosting interoperability and speed while cutting risk, wholesale CBDCs would be a boon for cross-border settlements but are still very much in the experimental phase, making cooperation between central banks vital for success.

There are currently 35 countries in Asia that are in different stages - either research, development, or pilot - of CBDC exploration.