The Banker - Digital Pound Foundation

MAS and the NY Fed join forces for wholesale CBDC experiment

Source: The Banker The Federal Reserve Bank of New York and the Monetary Authority of Singapore (MAS) are collaborating in a project to examine the use of wholesale central bank digital currencies, or wCBDCs, for cross-border payments. The joint experiment, called ‘Project Cedar Phase II x Ubin+’, is a combination of the respective wCBDC initiatives […]

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Whilst most CBDC experiments have involved private sector technology providers, the overwhelming majority of these experiments, to date, have not involved participation from other private sector actors. The Digital Pound Foundation is unique in proposing a model whereby the public and private sectors can fully engage in the design, development and adoption of a digital Pound, thus contributing to its successful roll-out and helping drive forward the UK’s transition to a digital economy.

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