Project Cedar, Explained (Wholesale Central Bank Digital Currency Prototype)

Project Cedar is the inaugural project of the New York Innovation Center (NYIC). It is a multiphase research effort to develop a technical framework for a theoretical wholesale central bank digital currency (wCBDC) in the Federal Reserve context.

In Phase I of Project Cedar, a prototype for a wholesale central bank digital currency was developed to demonstrate the potential of blockchain to improve the speed, cost, and access to a critical element of the wholesale cross-border payments market—a foreign exchange (FX) spot transaction.

Project Cedar aims to contribute to a broad and transparent public dialogue about CBDC from a technical perspective. Project Cedar is not intended to advance any specific policy outcome, nor is it intended to signal that the Federal Reserve will make any imminent decisions about the appropriateness of issuing a retail or wholesale CBDC, nor how one would necessarily be designed.

For more on Project Cedar, visit: https://www.newyorkfed.org/aboutthefed/nyic/project-cedar
For more on the New York Innovation Center, visit: https://nyfed.org/innovation

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