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TheFoundation

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  1. Here is the last full Interview with Hikmet Ersek, CEO of Western Union. It's about benefits compared to their existing settlement solution (MTCN ) They are still testing. (3:15+ are the most interesting parts) https://cheddar.com/videos/western-unions-ceo-talks-the-future-of-cash
  2. May be this helps? https://bankunderground.co.uk/2017/06/05/central-bank-digital-currency-dlt-or-not-dlt-that-is-the-question/
  3. Mark Carney changes mind AGAIN as Bank of England moves toward 'Brit coin': Mr Carney:“the future of central banking may involve fewer central bankers”, instead suggesting the prospect of a central bank digital currency (CBDC). Source: https://www.express.co.uk/finance/city/966127/bitcoin-latest-cryptocurrency-news-ethereum-mark-carney-bank-of-england His mind change is based on a report titled, ‘Central bank digital currencies — design principles and balance sheet implications’ found that in the scenarios described, there was no reason to believe that adopting a CBDC would negatively impact the UK economy, specifically private credit or total “liquidity provision”. You find the very interesting but long report here: https://www.bankofengland.co.uk/-/media/boe/files/working-paper/2018/central-bank-digital-currencies-design-principles-and-balance-sheet-implications.pdf?la=en&hash=11469281B32821BCFD85B4A5483AB3577E38B2DD It is titled: Staff Working Paper No. 725 Central bank digital currencies — design principles and balance sheet implications Beside all the insights on possible CBDC scenarios you will find on Page 1 Footnote 1 the following sentence: Several other central banks are actively considering the use of distributed ledger technology to provide CBDC for interbank payments. This includes, but is not limited to, the Bank of Canada, the Monetary Authority of Singapore, the European Central Bank and the Bank of Japan.
  4. This is a cross-post from my reddit post. On May 8th, The IMF (International Monetary Fund) Deputy Managing Director Tao Zhang hold a speech on Atlanta Federal Reserve Bank Conference. Topic: Digitization of Money and Finance: Challenges and Opportunities Full speech is available here: http://www.imf.org/en/news/articles/2018/05/08/sp050818-digitization-of-money-and-finance-challenges-and-opportunities He went through the folloging steps: First, I will discuss how financial services may be transformed by the adoption of financial technology; Second, I will examine how crypto-assets rise may pose challenges to financial integrity and stability; Third, how central banks and regulators can mitigate potential stability risks without impeding innovation; And finally, I will highlight the work the IMF is doing to help its 189 member countries address these challenges. He made references to useful services: "Some useful technology is being developed to improve market efficiency. For example, services have slashed from days to minutes the time it takes for cross-border payments to reach destinations. These include relatively small firms like BitPesa in Africa and BitOasis in the Middle East and such well-known companies as Western Union and Moneygram." He gives the answer on how regulators and central banks should respond? First, regulators need to complement their focus on entities with increasing attention to activities. This responds to the reality that an increasingly diverse group of firms and market platforms are providing financial services. Second, governance needs to be strengthened. Rules and standards will need to be developed to ensure the integrity of data, algorithms, and platforms—in other words, to ensure that they operate in a manner that does not expose consumers or the financial system to undue risk. Third, policy options could be considered to support open networks, and licensing policies could be adjusted to help foster competition. Fourth, legal principles need to be modernized. Maintaining trust in financial services may also require the development of new legal frameworks to clarify rights and obligations within the new financial landscape. They already begun! He confirms: "In fact, a group of central banks is actively experimenting with the use of digital currencies and distributed ledger technology with the aim of making cross-border payments more efficient."
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