‘Atomic Settlement’ — New York Fed Completes First Phase of Digital Dollar Experiment Called ‘Project Cedar’
The Federal Reserve Bank of New York has released findings stemming from an experiment called “Project Cedar,” a protocol that uses wholesale digital dollars to improve financial transactions. Michelle Neale, head of his group at the bank’s Markets, said Friday that the study “shows that on average, he gets payments in less than 10 seconds and can scale horizontally.” said.
New York branch of Fed releases digital dollar survey results related to Project Cedar
On November 4, 2022, the New York Chapter of the Federal Reserve issued a report called “Project Cedar: Phase One” discussing a wholesale Central Bank Digital Currency (WCBDC). Michelle Neale, leader of his group at the New York Fed’s Markets, told reporters that the WCBDC trade resulted in “immediate and atomic settlement.”
The Project Cedar Phase I prototype is a “permitted blockchain network” that utilizes Bitcoin’s Unspent Transaction Output (UTXO) transaction model, with software developed in the Rust programming language.
New York Fed report on Project Cedar, Federal Reserve Governor Christopher Waller shared his views on central bank digital currencies specifically issued by the Fed at the Money 20/20 conference in Las Vegas. It follows.
At the event, Waller emphasized that he does not support the Fed issuing CBDCs. I’m open to convincing anyone that it’s a thing,” Waller elaborated.
Additionally, Senator James Lankford (Republican-OK) introduced a bill called the “No Digital Dollar Act.” Lankford’s bill states that the U.S. Treasury Department and the Federal Reserve “if digital currencies are adopted and allow certain individuals to maintain privacy when using cash and coins to transact, paper currency It is intended to prohibit “using to interfere with Americans.”
As far as Project Cedar is concerned, the experiment’s principal investigator, Per von Zelowitz, said it was a good starting point.
“Project Cedar Phase I has revealed a promising application of blockchain technology in the modernization of critical payments infrastructure. It provides a strategic starting point for development,” said the director.
Current Federal Reserve Chairman Jerome Powell has said the digital dollar “will take at least a few years,” but Neill said that CBDCs “will help finance finance by making it more accessible to a wide range of consumers.” We believe that we can promote inclusion and equity, and promote economic growth and stability.”
Neil also mentioned another digital dollar effort called “Project Hamilton,” an initiative of the Federal Reserve Bank of Boston and MIT. “While the Federal Reserve has not made a decision on whether or how to issue a CBDC, we are actively conducting technical research into both retail and wholesale CBDC designs. ,” said Neil at the Singapore Fintech Festival.
However, Project Cedar’s official report claims that the study “is not intended to advance any particular policy outcome.”
What do you think of the New York Fed’s Project Cedar report? Let us know what you think about it in the comments section below.
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‘Atomic Settlement’ — New York Fed Completes First Phase of Digital Dollar Experiment Called ‘Project Cedar’
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