Media Advisory

New York Fed to Release First Results of Inaugural Project of the New York Innovation Center on November 4

October 27, 2022

NEW YORK—The Federal Reserve Bank of New York will issue a report on the New York Innovation Center’s inaugural research project titled Project Cedar on November 4, 2022 at 10:00 AM ET.

Project Cedar marks the first NYIC project and is focused on enhancements to current financial market infrastructure. It also represents the first phase of NYIC’s research on a central bank digital currency (CBDC), which focuses exclusively on the wholesale market, in the Federal Reserve context.

About the New York Innovation Center
As part of the Federal Reserve Bank of New York, the New York Innovation Center (NYIC), bridges the worlds of finance, technology, and innovation. Established in partnership with the Bank for International Settlements Innovation Hub and launched in 2021, the NYIC generates insights into high-value central bank-related opportunities through technical research, experimentation, and prototyping, to drive advancements in central banking and enhance the functioning of the global financial system.

Shelley Pitterson
(917) 698-0510
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