Russian Central Bank: ‘Distributed Ledgers Are Not Blockchains’
Trying to make sense of how Russia feels about Bitcoin and blockchain has become increasingly difficult as of late. Now, the Russian Central Bank strongly feels blockchain and distributed ledgers are not the same thing. It is not the first time the Russian Central Bank has shown keen interest in distributed ledger technology, as the financial institution....
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In a transcript of a cancelled speech released online today, Bank of England Governor Mark Carney cited a "central bank digital currency" as a development that could result from its ongoing distributed ledger proof-of-concepts. The remarks come as global central banks begin to experiment openly with distributed ledgers, a technology inspired by the decentralized, public ledgers used to run cryptocurrencies. But, whereas bitcoin and other cryptocurrencies perhaps sought to create wholly new financial systems, distributed ledger projects are aimed at reducing settlement times and....
According to an article by Izvestia, the Central Bank of Russia wants to use this technology for all of the country’s financial institutions. This would allow transactions to be recorded in a distributed manner for all banks, and speed up transactions between institutions as well. Even though Russian government officials will not see eye-to-eye with Bitcoin and digital currency anytime soon, the Central Bank of Russia is forging ahead with their plans to integrate blockchain technology. This decision is in stark contrast to the political guidelines being proposed to ban digital currency....
Growth in the use of both digital currencies and distributed ledgers could hold regulatory and monetary policy implications, a senior official for Japan’s central bank said today. Speaking during a fintech event at the Univeristy of Tokyo, Bank of Japan deputy governor Hiroshi Nakaso remarked about the benefits and risks of the increasing digitization of financial services. Particularly, the noted that the use of distributed ledgers could lead to confusion among regulators in instances where wholly electronic ledgers are maintained. He told attendees: “Moreover, if FinTech stimulates....
A report has revealed that Russia’s Central Bank is considering a blockchain, albeit not the Bitcoin blockchain, to be used among banks in Russia to store all transactions on a shared distributed ledger. In a nod toward embracing blockchain technology, the Bank of Russia, the country’s central bank recently revealed the creation of a blockchain ‘working group’. The primary function of the working group is to evaluate and assess the potential real-world applications of the technology that underpins Bitcoin. Now, a report in prominent Russian publication Izvestia has cited sources close to....
The president and chairman of the board of Switzerland's central bank described a financial system "turned on its head" by blockchain and distributed ledgers to kick off the Sibos conference yesterday in Switzerland. Addressing a crowd of some 8,000 financial industry professionals, Thomas Jordan lectured on the history of centralization as a means to provide security and efficiency in the banking industry, from the birth of centralized clearing houses in the 1940s to the advent of the Six Interbank Clearing system (SIC) in 1987. But with blockchain and distributed ledgers....