Fun

BIS envisions global ‘Finternet’ running on unified ledger technology

News Feed - 2024-04-16 05:04:53

Derek Andersen3 hours agoBIS envisions global ‘Finternet’ running on unified ledger technologyThe BIS introduced the unified ledger concept last year and has been singing its praises as a framework for better financial transactions.1467 Total views7 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe Bank for International Settlements has presented its fullest and strongest argument so far for unified ledger technology in a paper coauthored by BIS chief Agustin Carstens. The paper describes a “financial system for the future,” which it calls the Finternet, that would use unified ledgers as a vehicle.


Unified ledgers could remove a host of the pain points in the current financial system by improving speed, compliance and privacy in the financial system, the BIS paper claimed. Unified ledgers “bring together multiple financial asset markets […] as executable objects on common programmable platforms.” This flexibility offers advantages over digital transactions on other platforms:“Even when individuals use sophisticated front-end interfaces to make supposedly ‘digital’ transactions, behind the scenes, movements of money and other financial assets often rely on the owners of siloed proprietary databases to initiate and process transfers.”


Unified ledgers “combine all the components needed to complete financial transactions—financial assets, ownership records, rules governing their use and other relevant information—in a single venue.” This gives them the potential to overcome issues related to technical standards and governance and eliminate third-party messaging systems.


Related: SWIFT proposes a role for itself in a tokenized future on a unified ledger


However, the BIS does not envision a single unified ledger. Rather, multiple unified ledgers would interact among themselves and with the financial system beyond the Finternet through apps. Unified ledgers require tokenization of assets, especially money, for transfers using smart contracts. The proposal creates a tokenization manager role that would monitor regulatory requirements.Source: Bank for International Settlements 


Carstens introduced the concept of unified ledger in February 2023. The topic was taken up again in the 2023 BIS annual report. The recently announced Project Agora also crucially uses unified ledger. The BIS and seven central banks are participating in that project, which involves central bank digital currency and tokenized money transfers.


The idea has also been considered by global financial messaging service SWIFT. The international Monetary Fund’s proposed XC platform is also highly similar in many details.


Magazine: Bitcoin in Senegal: Why is this African country using BTC?# Business# Technology# BIS# RegulationAdd reaction

News Feed

Goldman Sees 26% Downside to Apple Over Nutty Accounting Conspiracy Theory
A Goldman Sachs analyst called for a 25% decline in Apple"s stock because of some wonky accounting related to Apple+. | Credit: AFPGoldman Sachs generally has the best analysts in a
Arijit Sarkar13 hours agoBitcoin price and energy use for mining highly correlated: UN reportUN scientists evaluated the activities of 76 Bitcoin mining nations during the 2020–2021 period and found that the global BTC
US Judge Orders Bitcoin Ponzi Operator Imprisoned for Ignoring Court Order to Pay SEC $40 Million
US Judge Orders Bitcoin Ponzi Operator Imprisoned for Ignoring Court Order to Pay SEC $40 Million A district judge has ordered a bitcoin Ponzi operator to be arrested and imprisone
Solana Consolidates In A Bullish Pattern – A Breakout ‘Could Spark A 40% Move’
Este artículo también está disponible en español. Solana (SOL) finds itself at a critical juncture as the broader crypto market weathers a bearish consolidation phase. Si
Paypal Joins Other Payment and Remittance Providers Suspending Services in Russia
Paypal Joins Other Payment and Remittance Providers Suspending Services in Russia A number of payment and remittance platforms, now including Paypal, have restricted access to thei
Governments Need to Stop Dismissing Crypto as Illicit Payments and Reckless Speculation, Says El-Erian
Governments Need to Stop Dismissing Crypto as Illicit Payments and Reckless Speculation, Says El-Erian Mohamed El-Erian, an adviser to Allianz and Gramercy Funds
China Central Bank Official: Digital Yuan Should Have ‘Controllable Anonymity’
China’s proposed new stablecoin project should strike a balance between protecting privacy and regulatory enforcement, China’s Digital Currency Research Institute said Tuesday.
Crypto Guru Reveals His Top 10 AI Altcoins For 2025
Este artículo también está disponible en español. Miles Deutscher, a prominent crypto analyst with over 575,000 followers on X (formerly Twitter), has unveiled his top te
Paytm Founder: Crypto Is Here to Stay and Will Become Mainstream in 5 Years
Paytm Founder: Crypto Is Here to Stay and Will Become Mainstream in 5 Years The founder of Paytm, a major digital payment company in India, is “very positive about crypto.&#
Aleph Zero launches zkOS-powered Ethereum layer 2 mainnet
Josh O"Sullivan11 hours agoAleph Zero launches zkOS-powered Ethereum layer 2 mainnetAleph Zero’s mainnet launch integrates Arbitrum Orbit technology and zkOS tools to revolutionize blockchain privacy and speed.1314 Tot
User loses $32 million spWETH in a sophisticated phishing attack
Vince Quill3 hours agoUser loses $32 million spWETH in a sophisticated phishing attackAccording to crypto security firm Scam Sniffer, 9,145 users were victims of phishing attacks during August 2024, losing funds as a res
Ross Ulbricht’s NFT Collection to Be Auctioned via Superrare at Art Basel Miami
Ross Ulbricht"s NFT Collection to Be Auctioned via Superrare at Art Basel Miami On December 2nd at Art Basel Miami, the very first Ross Ulbricht non-fungible token (NFT) collection