New York Fed advances two digital asset exchange projects

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The Federal Reserve Bank of New York and the Monetary Authority of Singapore are working together on a series of wholesale digital currency cross-border payment tests.

The aim, the New York Fed said on November 10, is to reduce settlement risk, “a key pain point in cross-border cross-currency transactions”.

Additionally, the regional Fed bank announced a proof-of-concept project connecting digital central bank and commercial bank money through distributed ledgers.

On November 15, the New York

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