Project Cedar

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New York Fed and 9 Major Banks to Test ‘Interoperable Network of Central Bank Wholesale Digital Money’

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Nine major financial institutions and the Federal Reserve Bank of New York have started to experiment with a digital dollar proof of concept to see if distributed ledger technology can improve settlement between central banks, commercial banks, and regulated non-banks. The New York Fed details that the proof of concept will be done in a … Read more

‘Atomic Settlement’ — New York Fed Completes First Phase of Digital Dollar Experiment Called ‘Project Cedar’

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The Federal Reserve Bank of New York has published findings stemming from an experiment dubbed “Project Cedar,” a protocol that uses a wholesale digital dollar in order to improve financial transactions. Michelle Neal, head of the bank’s Markets Group remarked on Friday that the research “indicated that settlement could occur in fewer than 10 seconds … Read more