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FX spot settlement in 10 seconds: NY Fed releases results of wholesale CBDC research

A foreign exchange spot transaction was chosen as the use case for the 12-week first phase of Project Cedar because of its relative simplicity and that type of transaction is often used as part of broader, more complex transactions. It also represents a market with $7 trillion in daily turnover with less than 40% of it settled on a payment-versus-payment basis and transactions typically taking two days.

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Source: Cryptocurrency - investing.com

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