- They tested the compatibility and speed of different systems
- And also studied different scenarios of transactions
- The average payment speed was 6.6 per second
New York Fed Innovation Center and Monetary Authority of Singapore shared new CBDC test results.
Recall that they cooperate in the framework of the Project Cedar project. Last year, they conducted the first pilot tests of digital currencies. Then the program showed that thanks to CBDC, the average time to complete transactions of this type is reduced from two days to less than 30 seconds. So the experiment continued.
In the latest tests, participants tested how CBDCs can improve cross-border payments. Banks launched cross-border transactions on various distributed ledgers (DLT) and time-lock hashed contracts (HTLC). And also tested interoperability, atomic calculations and other technical issues.
The experiments used simulated CBDCs and hypothetical payments. In total, the participants created 8 different scenarios to test their compatibility hypotheses.
With atomic calculations, the average transaction speed was 6.5 payments. And at the peak – even 47 payments per second. With end-to-end transactions, the average payment delay was less than 30 seconds.
Project Cedar emphasized that this is not about the implementation of CBDC. So far, they are studying and testing this currency.
Meanwhile, Ripple has launched a platform for creating CBDCs from central banks.