The Bank for International Settlements (BIS) has released a new report on blockchains and distributed ledger technology.
Described as an an analytical guide to the tech for central banks and financial market authorities, the report was penned by the BIS Committee on Payments and Market Infrastructures. (The BIS has been described as the “central banker’s central bank”, as it provides banking resources to the world’s central bank ecosystem.)
The report, released today, offers a broad overview of blockchain’s possible use in market infrastructures, focusing on its technical design, impact on market safety and efficiency and the broader potential influence the tech could have should it see wider adoption.
Overall, the scope is wide, and the working group behind the paper stops short of issuing any formal design recommendations. Rather, it echoes publications from market watchdogs like the European Markets and Securities Authority (ESMA), which has said that the tech’s long-term impact is uncertain at this stage.
The report’s authors state:
“Developments to date suggest that DLT bears promise but that there is still a long way to go before that promise may be fully realized. Much work is needed to ensure that the legal underpinnings of DLT
Read more ... source: CoinDesk
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