A year ago, the International Monetary Fund (IMF) published its paper outlining its X-C vision of a multilateral platform for cross border payments power by smart contracts. It has some similarities with the BIS Unified Ledger yet is quite distinctive. Yesterday the IMF paper’s lead author Tobias Adrian, gave a speech at the Atlantic Council CBDC conference, clarifying that the IMF wouldn’t build the X-C platform.
“The fund is not a very operational institution. It’s more about governance,” said Mr. Adrian. “So when I talk about platforms, this is really policy development. But it’s up to our membership and the private sector to actually build such things. The BIS Innovation Hub plays an important role in working on the technology side to build some versions of those platforms.”
Mr. Adrian’s views are noteworthy because two of the key thought leaders on tokenization in the public sector are Mr. Adrian at the IMF and the BIS Head of Research, Hyun Song Shin. Mr. Shin is one of the architects of the Unified Ledger. The two have previously jointly written several papers on other topics.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
