The New York Federal Reserve Bank has published a report detailing its findings from Project Cedar, an inaugural project geared at developing a technical framework through which a wholesale central bank digital currency (wCBDC) could be created for use by the Federal Reserve Bank.

During phase 1 of the project, the New York Fed wanted to demonstrate whether or not blockchain technology had the potential to improve access, increase speed and lower the costs associated with wholesale cross-border foreign exchange transactions. These transactions are very common because…

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