{"id":555281,"date":"2023-02-23T00:33:08","date_gmt":"2023-02-22T21:33:08","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bis-head-describes-ideal-unified-ledger-for-central-banks-and-other-financial-users\/"},"modified":"2023-02-23T00:33:08","modified_gmt":"2023-02-22T21:33:08","slug":"bis-head-describes-ideal-unified-ledger-for-central-banks-and-other-financial-users","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bis-head-describes-ideal-unified-ledger-for-central-banks-and-other-financial-users\/","title":{"rendered":"# BIS head describes ideal \u2018unified ledger\u2019 for central banks and other financial users"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a26bd4404584\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a26bd4404584\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bis-head-describes-ideal-unified-ledger-for-central-banks-and-other-financial-users\/#%E2%80%9D_BIS_head_describes_ideal_%E2%80%98unified_ledger_for_central_banks_and_other_financial_users_%E2%80%9C\" >&#8221; BIS head describes ideal \u2018unified ledger\u2019 for central banks and other financial users &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_BIS_head_describes_ideal_%E2%80%98unified_ledger_for_central_banks_and_other_financial_users_%E2%80%9C\"><\/span>&#8221; BIS head describes ideal \u2018unified ledger\u2019 for central banks and other financial users &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvMzc3Y2MzNzYtNjc0ZC00MTEyLTliOTItYThmZWY4NTU2MWViLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8><a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a> manager of the Bank for International Settlements Agust\u00edn Carstens spoke at the Singapore FinTech Festival on Feb. 22 and described the digital financial infrastructure he believes would best suit central bankers\u2019 needs. He called that infrastructure a \u201cunified ledger.\u201d<\/p>\n<p>Carstens <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bis.org\/speeches\/sp230222.htm\">compared<\/a> the theoretical unified ledger with a smartphone, saying they both work seamlessly with a variety of components. Unlike a smartphone, a unified ledger would have open architecture, however, and would show programmability and composability, that it, it would run and bundle smart contracts. There are over 2 million <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>s available to smartphone users, Carstens noted. He said:<\/p>\n<blockquote><p>\u201cA unified ledger is a digital infrastructure with the potential to combine the monetary system with other registries of real and financial claims.\u201d<\/p><\/blockquote>\n<p>A unified ledger would not have to be decentralized or permissionless, Carstens said, but could accommodate a variety of projects that \u201cuse of money as a means of payment and settlement\u201d where the central bank plays a large role in the governance of the ledger and the consumer-facing sector is in private hands. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">What a major validation of our <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/CBDC?src=hash&amp;ref_src=twsrc%5Etfw\">#CBDC<\/a> design!  Checkout the BIS paper making the case for a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/DLT?src=hash&amp;ref_src=twsrc%5Etfw\">#DLT<\/a> based CBDC where Central Bank Money, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Tokenized?src=hash&amp;ref_src=twsrc%5Etfw\">#Tokenized<\/a> Deposits and Other <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/stablecoins?src=hash&amp;ref_src=twsrc%5Etfw\">#stablecoins<\/a> coexist on common ledger with <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/ecosystem?src=hash&amp;ref_src=twsrc%5Etfw\">#ecosystem<\/a> and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/regulatory?src=hash&amp;ref_src=twsrc%5Etfw\">#regulatory<\/a> frameworks  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/whysandbox?src=hash&amp;ref_src=twsrc%5Etfw\">#whysandbox<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/yR1WCzzYU7\">https:\/\/t.co\/yR1WCzzYU7<\/a><\/p>\n<p>\u2014 EMTECH (@emtech_inc) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/emtech_inc\/status\/1628469490739474432?ref_src=twsrc%5Etfw\">February 22, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Central bank digital currency and tokenized deposits could exist in \u201cpartitioned\u201d sections of the ledger, with smart contracts to facilitate their interaction, Carstens said. The ledger could be used for everything from micropayments on the Internet of Things to escrow in real estate transactions. <\/p>\n<p><strong><em>Related: BIS to launch stablecoin monitoring project and up focus on CBDC experiments<\/em><\/strong><\/p>\n<p>Carstens took the opportunity to express his current thinking on stablecoin. He said of stablecoin proponents:<\/p>\n<blockquote><p>\u201cBut what this view forgets is that what sustains fiat money is not the application of novel technologies but all the institutional arrangements and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> conventions behind it.\u201d <\/p><\/blockquote>\n<p>They also run the risk of depegging, he added. Stablecoins were developed because they were technically able to do things other forms of money could not. Central banks should take those roles over from them. <\/p>\n<p>Carstens also raised the hackles of the crypto community Feb. 22 with a blunt assessment of the success of cryptocurrency. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bis-head-describes-ideal-unified-ledger-for-central-banks-and-other-financial-users\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; BIS head describes ideal \u2018unified ledger\u2019 for central banks and other financial users &#8220; General manager of the Bank for International Settlements Agust\u00edn Carstens spoke at the Singapore FinTech Festival on Feb. 22 and described the digital financial infrastructure he believes would best suit central bankers\u2019 needs. He called that infrastructure a \u201cunified ledger.\u201d&#8230;<\/p>\n","protected":false},"author":1,"featured_media":555282,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/377cc376-674d-4112-9b92-a8fef85561eb.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75062,74894,75046,75189],"class_list":["post-555281","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bis","tag-blockchain","tag-cbdc","tag-ledger"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/555281","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=555281"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/555281\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/555282"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=555281"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=555281"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=555281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}