Project Cedar project
Overview
The New York Innovation Center, housed within the Federal Reserve Bank of New York, launched Project Cedar as its first research initiative, a multi-phase investigation into wholesale central bank digital currencies. In November 2022, the center published findings from a 12-week experiment — Phase I — which involved constructing a prototype wholesale CBDC and testing atomic settlement for spot foreign-exchange trades on a distributed ledger. The trial achieved settlement in under ten seconds, compared with a conventional process that typically takes days. For Phase II, the New York Fed partnered with the Monetary Authority of Singapore on Project Cedar Phase II x Ubin+, focusing on multi-currency cross-border wholesale payments. The Federal Reserve Bank of New York has emphasized that the project remains experimental and does not signal any decision by the Federal Reserve to issue a CBDC.
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Frequently asked questions
What is Project Cedar?
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Sources
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