During today’s Cordacon enterprise blockchain conference, Tony Mclaughlin from Citibank said the regulated sector should collaborate to fight the “digital money format war”. He suggested that central banks, commercial banks and e-money providers consider using a shared ledger, the Regulated Liability Network, to enable tokenized money and other assets.
The concept involves creating a blockchain with tiers and partitions, on which central banks perform the same current role dealing with commercial banks. On the same ledger, commercial banks and emoney providers perform similar activities as they do now with their clients.
Given this is how things work today and most legislation is technology agnostic, it likely wouldn’t require legislative changes and may dispense with the need for CBDCs.
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