What are the benefits of wholesale CBDCs? Foreign exchange transactions could drop from a two-day process to less than 10 seconds if CBDCs were involved, according to an experiment conducted by the NewYorkFed.
Foreign exchange transactions could drop from a two-day process to less than 10 seconds if central bank digital currencies were involved, according to an experiment conducted by the Federal Reserve Bank of New York., tested the speed of FX transactions using distributed ledgers, finding that in a simulated example, they could lower the speeds of transactions with multiple participants and observers.
This first phase saw each participant run “homogenous” ledgers, but future tests will see participants running different networks to test for cross-chain compatibility.
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