Project Cedar Phase II x Ubin
The Federal Reserve Bank of New York’s (NYIC) and the Monetary Authority of Singapore (MAS) announced Project Cedar Phase II x Ubin+, a joint experiment to investigate how wholesale central bank digital currencies (wCBDCs) could improve the efficiency of cross-border wholesale payments involving multiple currencies. The Cedar x Ubin+ experiment examined whether distributed ledger technology (DLT) could be used to improve the efficiency of cross-border wholesale payments and settlements involving multiple currencies.
The technical research experiment built on previous phases of the NYIC’s research and the MAS’ initiative. It examined a cross-border multi-currency use case in which vehicle currencies are used as a bridge to exchange currency pairs that are not widely traded. Specifically, Cedar x Ubin+ explored the ability of DLT to establish connectivity across heterogeneous simulated currency ledgers, reduce settlement risk, and decrease settlement time. The experiment was conducted in a test environment and the hypothetical payments were settled using simulated wholesale central bank digital currencies
MAS, together with McKinsey & Company, launched a working paper which sets out how high-integrity carbon credits can be utilised as a complementary financing instrument to accelerate and scale the early retirement of coal-fired power plants (CFPPs) and identifies what is needed to develop a high-quality market for such credits.
The MAS Enforcement Report sets out the enforcement actions taken by MAS, as well as SFA and FAA cases investigated under MAS-CAD Joint Investigation Arrangement, for the period of 1 January 2022 to 30 June 2023. The report also gives an update on the progress of MAS' enforcement priorities for 2022/2023 and outlines MAS’ key enforcement priorities for 2023/2024.
This report highlights one of the foundational principles of Project Guardian – the establishment of open and interoperable networks. A framework is introduced for understanding the design options to enable the trading of digital assets across networks and liquidity pools. This framework considers the core principles of...