New York Fed Releases Promising Results of Project Testing Blockchain Tech in Cross-Border Trade

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 they are relied on by private banks, central banks and large corporations as