MAS targets cross-border connectivity in wholesale CBDCs
The Monetary Authority Of Singapore (MAS) is stepping up its work on cross-border foreign exchange settlement using wholesale central bank digital currency.
wCBDC – BIS Successful Major CBDC Cross- Border Payments Test!!
The World prepares for a major switch to digitalisation in the financial space. This is a unique stepping stone and speeds up the process, concluding wholesale use of CBDC in cross-border transactions.
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New York Fed collaborates with Singapore MAS to explore Blockchain And CBDCs! Bullet Point Bulletins
The Federal Reserve Bank of New York’s Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) will launch a joint experiment with wholesale central bank digital currencies (wCBDCs).
Regulators are keen to test the wCBDCs potential for cross-border wholesale payments.
The MAS announced the launch of Project Cedar Phase II x Ubin+.
In its framework, NYIC and MAS will leverage wCBDCs as a settlement asset in cross-border cross-currency transactions.
The aim is to assess the possible ability of wCBDC to reduce settlement risk.
Project Cedar complements the Boston Fed’s work on a retail CBDC in Project Hamilton, being conducted in conjunction with the Massachusetts Institute of Technology’s Digital Currency Initiative.
Ubin+ is MAS’ international initiative to improve efficiency and reduce the risks of cross-border foreign exchange settlement by advancing cross-border connectivity and interoperability of wholesale digital currencies.
The Fed still has no plans to issue a CBDC, Executive Vice President, and Head of Markets, Michelle Neal said at a presentation in Singapore, but it has investigated foreign exchange spot settlement “from the perspective of the Federal Reserve.”
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THIS COULD BE WORSE THAN CENTRAL BANK DIGITAL CURRENCIES – STARTS AT 38:58
On our next livestream:
38:58 This Could Be Worse Than Central Bank Digital Currencies – CBDCs
As I was searching out the digital dollar under going testing I came across a term I have never heard about. I think this is a term many of you have never heard about. As I looked into it, this has the potential to be even worse than a digital dollar or any central bank digital currency. In no way am I an expert in the topic we’ll look at and I need your help. Please join the next livestream to know what else may be coming our way.
Before that we’ll take a look at a few things Francis Hunt said from his past interview. We’ll also take a look at a couple items from Gerald Celente’s Trends Journal and some current news and events from Twitter. Please join me Sunday night November 27th at 9pm Eastern, Monday morning November 28th at 10am Singapore. See you then!
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If you have concerns about what is going on around you, send us an email at [email protected] and we’ll let you know what options we have available for wealth protection for you.
IRSG – The Use of Central Bank Digital Currencies (CBDCs) in Wholesale Markets report launch
The International Regulatory Strategy Group (IRSG) have published ‘The Use of Central Bank Digital Currencies (CBDCs) in Wholesale Markets’.
This event accompanied the launch of the report, which identifies a number of recommendations, underpinning how jurisdictions and practitioners can progress the development of CBDC regulatory frameworks in the wholesale space over the next couple of years.
The event features opening remarks from Dr Kay Swinburne, Vice Chair of Financial Services, KPMG and Chair of the IRSG, a presentation of the report by Diego Ballon Ossio, Senior Associate, Clifford Chance LLP and a panel discussion chaired by Antony Manchester, Chair of the IRSG Global Regulatory Coherence Committee; Managing Director, UK Public Policy, BlackRock.
Caroline Meinertz, Partner, Clifford Chance LLP
Oliver Sigrist, Advisor, BIS Innovation Hub
Kunal Jhanji, Managing Director and Partner, London, Boston Consulting Group
Josh Lipsky, Senior Director, GeoEconomics Center, Atlantic Council
Read the report now: https://www.irsg.co.uk/publications/irsg-report-the-use-of-central-bank-digital-currencies-cbdcs-in-wholesale-markets-2/