Home Cryptocurrency CBDCs could cut FX transaction speeds to 10 seconds, says NY Fed

CBDCs could cut FX transaction speeds to 10 seconds, says NY Fed

by SuperiorInvest

Each participant ran its own version of the ledger, rather than participants acting as nodes in a single distributed ledger, the report said. However, participants were able to settle both sides of transactions at the same time, which saw a massive increase in speed compared to the current system. While the report detailed some technical aspects of the test — it used an undisclosed permissioned blockchain network and was written in the Rust programming language — it didn’t provide much detail about how the simulation was run or how it confirmed the settlement of transactions.

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