NY Fed and MAS publish joint CBDC cross-border fee mission outcomes

The Federal Reserve Financial institution of New York’s New York Innovation Heart (NYIC) and the Financial Authority of Singapore (MAS) have printed the outcomes of their joint “Venture Cedar Part II x Ubin+.” The mission examined using central financial institution digital foreign money (CBDC) for wholesale cross-border funds utilizing a number of car currencies.

A car foreign money is a extremely liquid foreign money used to facilitate the buying and selling of two much less liquid currencies. The primary low-liquidity foreign money is transformed into the car foreign money, which is then transformed right into a second low-liquidity foreign money. MAS deputy managing director Leong Sing Chiong stated in an announcement:

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