Federal Reserve Financial institution of New York New York Innovation Heart (NYIC) and Financial Authority of Singapore (MAS) revealed the outcomes of their joint Mission Cedar Section II x Ubin+. The venture explored the usage of central financial institution digital foreign money (CBDC) for wholesale worldwide funds utilizing a number of car currencies.
A car foreign money is a extremely liquid foreign money used to facilitate the commerce of two much less liquid currencies. The primary low-liquidity foreign money is transformed to the car foreign money, which is then transformed to the second low-liquidity foreign money. MAS Deputy Director Common Leong Sing Chiong stated within the assertion:
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