The <a href="https://www.cryptoknowmics.com/news/mas-granted-in-principle-approval-to-hashkey-capital-singapore">Monetary Authority of Singapore (MAS)</a> and the New York Fed, New York Innovation Center (NYIC) will <a href="https://www.mas.gov.sg/news/media-releases/2022/new-york-fed-and-monetary-authority-of-singapore-collaborate-to-explore-potential-enhancements-to-cross-border-payments-using-wholesale-cbdcs" target="_blank" rel="nofollow noopener">commence</a> a cooperative investigation with wholesale central bank digital currencies (wCBDCs). The potential of the wCBDC for international wholesale payments is being eagerly tested by regulators.
<h2>MAS Collaborated With New York Fed on wCBDCs</h2>
The MAS declared the beginning of Project Cedar Phase II x Ubin+ on November 11. According to their framework, wCBDCs will be used as a settlement asset in cross-border, cross-currency transactions by NYIC (New York Fed) and MAS. The objective is to evaluate wCBDCs' potential capacity to lower risk exposures.

MAS's Deputy Managing Director, Leong Sing Chiong, emphasized the notion of connectivity, which is central to the experiment. He stated that the project adopts a pragmatic approach and plans for any eventual wholesale <a href="https://www.cryptoknowmics.com/news/david-chaum-launches-cbdc-technology-that-preserves-privacy">CBDC</a> to be compatible with several networks while preserving each network's independence.
<h2>Report on Project Cedar</h2>
According to the announcement, Project Cedar Phase II x Ubin+ will not promote any particular policy result or suggest any impending <a href="https://www.cryptoknowmics.com/news/crypto-operations-present-several-difficulties-federal-reserve-governor">Federal Reserve</a> decisions about the issuance of a CBDC. In 2023, a report summarising the project's findings needs to be made public.

On November 4, NYIC (New York Fed) published a report on Project Cedar's initial phase. Spot transactions between multiple currencies were conducted during the initial phase over a permissioned blockchain network with an output mechanism for unspent transaction data.

Singapore MAS and New York Fed Team Together to Research wCBDCs

MAS and the New York Fed will commence a cooperative investigation with wholesale central bank digital currencies (wCBDCs).

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Singapore MAS and New York Fed Team Together to Research wCBDCs

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