New York Fed and BIS Test Central Bank Digital Currencies for International Settlements
The Federal Reserve Bank of New York is partnering with the Bank for International Settlements (BIS) Innovation Center to test government stablecoins to improve foreign exchange transactions. This study was conducted as part of the Cedar project organized by BIS to test wholesale CBDCs in international transactions. Director of the New York Innovation Center (NYIC) Per von Zelowitz noted that thanks to the blockchain, payments using foreign currencies can be made within 10 seconds. In…
