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Home > ICO > CBDCs Could Reduce FX Transaction Speeds to 10 Seconds, NY Fed Says

CBDCs Could Reduce FX Transaction Speeds to 10 Seconds, NY Fed Says

Each participant operated its own version of the ledger, rather than having the participants act as nodes in a single distributed ledger, the report said. Nevertheless, the participants were able to settle both sides of transactions simultaneously, finding a massive speed boost compared to the current system. While the report detailed some of the technical aspects of the test – it used an undisclosed permissioned blockchain network and was written in the Rust programming language – it did not provide many details about how the simulation was conducted or how they confirmed transaction settlements.

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