New York Fed collaborates with Singapore MAS to explore CBDCs
NYIC and MAS will leverage wCBDCs as a settlement asset in cross-border cross-currency transactions.
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NYIC and MAS will leverage wCBDCs as a settlement asset in cross-border cross-currency transactions.
The Federal Reserve Bank of New York Innovation Center has completed the first phase of an experiment with wholesale central bank digital currency.
Bank-to-bank transactions that currently take two days could be settled in 10 seconds using central bank digital currencies and blockchain technology, the reserve bank finds.
As lawmakers push to create a digital form of the US dollar, some are concerned it could give the federal government access to what consumers and businesses do through electronic transactions.
Ultimately, CBDCs are an enslavement mechanism.