Talking in Singapore today, Agustin Carstens, the General Manager of the Bank for International Settlements (BIS), spoke about a unified ledger that supports central bank digital currency (CBDC), tokenized deposits from banks and digital assets. At the same time, he says there are serious doubts about stablecoins functioning as money.
In the middle of last year, the BIS released a paper along similar lines. The unified ledger concept sounds similar to Citi’s idea of a Regulated Liability Network (RLN), which now has interest from the New York Federal Reserve, SWIFT, BNY Mellon, Wells Fargo, HSBC and a host of other institutions.
Carstens was upbeat about blockchain features such as smart contracts that support programmability and composability, the ability to build complex solutions from someone else’s work in a similar way to open source code.
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