Translation: Annie_Xu Last week, Adam Ludwin, CEO of blockchain startup Chain, gave a blockchain keynote speech at the Federal Reserve's Washington headquarters. The attendees were representatives from 90 global central banks, including Fed Chair Janet Yellen, the International Monetary Fund (IMF), the World Bank, and the Bank for International Settlements. His message to everyone was: pay attention to digital ledgers - a technology that supporters believe can greatly change the way global money flows. Adam Ludwin Adam Ludwin said in his blockchain keynote speech at the International Conference on Policy Challenges for the Financial Sector at the Federal Reserve headquarters:
Ludwin briefly introduced how blockchain works and the history of the Bitcoin digital currency, the most famous blockchain application that originated from the 2009 financial crisis. The potential of the technology has attracted the attention of Wall Street executives because it can speed up existing transactions and free up billions of dollars in assets. Bankers should issue digital versions of traditional fiat currencies. Excellent opportunity Ludwin told the venue:
Responding to the central banker’s “tough” questions, Ludwin added:
A string of thefts has given banks new reasons to look to blockchain, including the $81 million theft from Bangladesh’s central bank in February, the $12 million theft at Ecuador’s Banco Comercial last year, and the $1.1 million theft that was thwarted by a Vietnamese bank. All of these thefts took place over the internet, some using the SWIFT messaging system. Blockchain can help prevent these crimes because, unlike SWIFT, a banking system on blockchain has no single point of failure because the system runs on all interconnected computers simultaneously. Bearer Instruments The meeting took place in the Fed's Eccles Building, where the Federal Open Markets Committee decides monetary policy and changes interest rates. The walls of the meeting room were decorated with framed currency, Ludwin said.
Ludwin solemnly told the bankers that their problem now is not how digital currency can improve the existing financial system, but how the central bank decides to do it. They can operate the digital network themselves, issue digital assets, issue products and services on the network, or just observe how the network works. As a specific example, he said leveraged credit products such as repurchase agreements, commercial paper and money market funds are inherently suitable for blockchain.
Ludwin said Yellen had reached such a consensus; but Fed spokesman David Skidmore declined to comment. |
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