►
From YouTube: Hyperledger Capital Markets SIG
Description
Hyperledger Capital Markets SIG:
talk by Saket Sinha Global VP FSS, IBM on "CBDCs Promise and Risk : Operationalizing CBDCs". April 21st 10 am EDT (see below for details). The call is completely open to all interested parties.
Saket leads the global practice on CBDCs in IBM with its broad reach and global capabilities. No doubt IBM is talking to many enterprises and governments about implementing and deploying CBDCs at scale. He will share insights on the implementation challenges and promises as heard from Central Bankers, Technologists and Enterprise leaders on this call.
More info: https://wiki.hyperledger.org/display/CMSIG/2021-04-21
----
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A
Daniella
and
I
can
start
the-
I
started
it's
going
to
take
just
a
couple
of
seconds
and
you
should
be
ready
to
go
beautiful,
go
ahead,
yeah,
so
two
things
before
we
start
well
welcome.
Well,
maybe
three
things:
one
is
the
hyperledger
anti-trust
part.
I
mean
it
is
linux
foundation,
anti-trust
policy?
You
have
to
obey
that
wherever
you
are
logging
in
from
second
is
the
code
of
conduct.
A
B
Thank
you
whippin
good
morning,
everyone.
This
is
saket
sinha
here
I
work
for
ibm,
lead
ifs,
blockchain
solution.
The
today's
topic
is
about
central
bank,
digital
currencies
and
all
of
us
in
our
lifetime.
We
are
seeing
a
remarkable
development
innovation.
You,
you
name
it
anything
right,
completely,
transform
the
way
we
will
experience
financial
services
going
forward
in
future.
B
B
As
we
all
know,
a
new
form
of
currency,
you
know
rapidly
getting
value
attached
with.
It
definitely
has
a
huge
impact
on
the
economies
of
the
country,
as
well
as
the
the
the
saint
orange,
as
well
as
the
fiduciary
responsibility
of
central
bank.
What
we
are
going
to
do
today,
through
a
small
presentation
here,
is
talk
about
the
the
challenges
and
risks
that
central
banks
are
facing.
B
Yes,
there
are
a
lot
of
cool
things
that
can
happen
here,
but
at
the
same
time
there
are
a
lot
of
uncool
things
that
can
go
wrong,
for
which
many
central
banks
are
are
paying
special
attention.
So
we
have
many
central
banks
who
are
watching
many
central
banks
who
are
thinking
and
and
some
central
banks
that
are
forging
ahead,
but
they're
forging
in
a
very
calculated
manner,
they're
forging
in
a
way
that
they
are
touching
it
experiencing.
B
B
So
what
this
presentation
is
going
to
talk
to
you
about
is
basically
very
briefly
talk,
what's
happening
with
central
bank,
digital
currencies
and
then
we'll
straight
away
dive
into
some
business
technology
and
operational
considerations,
as
we
see
them
and
later
we'll
have.
You
know
open
floor
for
some
question.
Answers
that
you
can
ask
me
directly,
I'm
not
deliberately
using
any
names
of
any
central
bank
here,
so
these
are
extracted
information
based
on
my
own
personal
experience
and
discussions
that
I
have
been
having
with
and
my
team
has
been
having
with
the
central
banks.
B
So
we
will
not
see
any
name
yeah.
I
might
refer
them
verbally
where
we
are
allowed
to,
but
believe
me,
there
are
many
central
banks
out
there
doing
work
and
and
progressing
this,
but
they
are
not
yet
open
in
the
market
in
terms
of
announcement
or
anything
of
that
sort.
But
let's
dive
into
it
very
quickly,
as
many
of
you
know,
with
the
amount
of
news
coming
out
right,
we,
our
industry
of
financial
services
industry,
has
truly
reached
an
inflection
point.
B
We
know
that
even
in
u.s
perspective
you
know,
occ
has
allowed
financial
institutions
to
become
digital
custodians,
for
example,
and
issue
their
own
stable
coin
and
use
public
blockchain
network
for
financial
services.
That's
a
huge
position
from
where
we
were
just
a
year
back
right
and
that
is
opening
up
a
pandora
box.
I
would
say,
in
terms
of
every
financial
institution,
worth
its
name,
trying
to
understand
how
they
will
leverage
or
how
they
will
be
impacted
by
the
the
onset
of
digital
currencies
and
cryptocurrencies
in
the
market.
B
At
the
same
time,
since
the
advent
of
blockchain,
the
banking
industry
has
not
been
silent.
They
have
been
doing
proof
of
concept,
pilots
projects,
each
pilot
project
proving
a
point
in
terms
of
how
blockchain
technology
can
be
used,
and
that's
why
we
say
we
are
an
inflection
point,
because
you
know
we
are.
We
are
seeing
a
change
happen
and
this
change
is
not
only
for
experiment.
This
change
is
for
grabbing
the
landscape
in
terms
of
opportunities,
as
well
as
market
share
to
for
for
the
competitive
advantage.
B
What
we
are
also
seeing,
especially
in
the
capital
market,
that
the
entire
capital
market
infrastructure
is
getting
appended
in
terms
of
you
know,
with
the
use
of
blockchain,
it's
almost
like
a
a
new
internet
or
a
new
underpinning
fabric
of
technology
will
drive
the
capital
market
functioning,
who
will
survive?
Who
will
get
disremediated
and
how
they
will
the
market
infrastructure
will
get
re-plumbed?
B
B
We
are
at
two
trillion
around
two
trillion
of
valuation
and
market
size
of
the
cryptos,
but
it's
not
about
the
appreciation
of
value
of
the
crypto
itself.
Right
it
is
it
is.
It
is
the
derivatives
that
form
gets
formed
in
the
capital
market
that
is
truly
driving
the
the
attention
2
trillion,
for
example,
is
the
net
value,
but
people
who
have
who
have
accumulated
that
value.
B
B
All
of
those
things
are
creating
the
secondary
market,
the
derivatives
market
and
and
people
are
investing
now
very
fast
in
terms
of
looking
at
how
how
to
extract
value
from
this
epis
fast
appreciating
cryptos
an
entirely
new
asset
class
has
come
up.
As
we
all
know,
the
biggest
solution,
as
we
see
across
our
market,
is
in
the
form
of
digital
custody.
You
know
many
financial
institutions
are
looking
at
ways
of
how
they
will
have
to
provide
or
will
provide
a
digital
custodian
solution.
B
At
the
same
time,
you
know
solutions
in
terms
of
interoperating
between
different
cryptos
exchange
of
values
between
different
cryptos,
using
it
as
a
payment
mechanism
use
it
as
a
transaction
mechanism
is
coming
up.
Decentralized
finance
amount
of
value
that
is
locked
getting
locked
up
in
for
for
enabling
decentralized
finance
is
increasing,
and
then
it's
giving
birth
to
a
new
capital
market
infrastructure.
The
players
are
still
there
from
a
broker
dealer
perspective.
B
You
know
shared
transfer
agents,
perspective
stock
market
performance
perspective,
but
at
the
same
time
many
intermediaries
are
looking
at
ways
of
how
they
will
remain
relevant
in
in
the
in
in
the
new
system
and
not
be
disseminated.
It
is
upending
traditional
intermediaries,
as
we
speak,
and
this
will
have
huge
impact.
B
It's
a
huge
impact
on
the
entire
market,
stability,
financial
market
stability,
as
well
as
the
financial
system
that
runs
inside
a
country
and
right
now
the
government,
as
well
as
the
central
bank
and
the
watchdogs,
had
had
control
and
have
control
in
terms
of
the
financial
systems.
But
it's
it's.
It
can
be
threatened.
It
can
be
threatened
from
variety
of
perspective.
B
So
why
are
central
banks
interested
in
cbtc's?
We
know
about
many
of
these
that
you
would
have
read.
I
will
not
go
into
too
much
of
the
detail,
but
there
are
four
major
factors
where
the
mindset
is
right
now,
and
this
is
across
multiple
central
banks
that
you
know
we
interviewed
and
we
discussed
with
them.
Definitely
it's
around
currency,
each
currency,
issuance
and
management.
B
If,
if
a
central
bank
have
to
issue
a
digital
currency,
issuance
and
management,
is
there,
you
know
fiducially
right
and
that's
something
that
they
want
to
see
how
it
will
happen
in
in
the
new
digital
world,
the
stability
of
the
monetary,
fiscal
and
monetary
and
fiscal
policies?
Of
course,
the
second
most
important
part
payment,
clearinghouse
many
banks
in
many
countries
and
central
banks-
have
invested
huge
amount
of
money
to
have
something
like
real-time
gross
settlement
systems
for
cross-border
trade
and
others
in
the
in
the
advent
of
digital
currency.
B
I
would
say
that,
in
terms
of
financial
stability
and
regulation,
that's
again
a
responsibility
of
a
central
bank,
but
on
the
regulation
side
things
are
still
emerging,
while
many
governments
and
central
banks
have
defined
policies
and
framework,
but
the
basic
tenets
of
those
policy
and
framework
is,
I
would
say,
just
has
just
touched-
the
challenges
that
would
originate
in
the
issuance
and
management
of
the
central
bank.
Digital
currency.
B
You
know
these
kind
of
central
bank
digital
currencies
starts
taking
hold
and,
and
they
will
come
forth
because
right
now,
most
regulators
are
are
wondering
in
terms
of
you
know
what
even
those
basic
regulatory
framework
should
look
like
to
to
provide
that
level
of
control
and
level
of
accessibility
to
monitor
this.
This
kind
of
a
mechanism
going
forward,
and
so
we
know
that
central
bank
digital
currencies
comes
in
two
flavors,
one
in
retail
and
one
in
wholesale.
B
There
are
more
challenges
on
the
retail
side
than
on
the
wholesale
side,
most
of
the
wholesale
side.
Examples
that
we
are
seeing
involves,
as
I
said,
an
aligned
member
of
group
of
banks
coming
together
and
creating
a
mechanism
through
which
they
can
do,
for
example,
issuance
of
bond
or,
for
example,
settlement
of
securities
and
and
things
like
that.
B
On
the
retail
side,
the
biggest
challenge
is
about
the
the
ability
of
the
central
bank
to
have
full
visibility
of
the
retail
central
retail
digital
bank,
central
currency
and
the
distribution
and
issuance
of
those
currency
in
terms
of
how
it
will
be
tracked,
the
anonymity,
the
privacy
and
whole
bunch
of
issues
that
are
coming
with
that
which
is
posing
its
own
challenges.
We'll
talk
about
these
as
we
go
into
the
into
the
discussion
later
on
many.
B
B
Many
times.
We
know
that
availability
of
liquidity
is
good
for
the
smooth
functioning
of
the
financial
market,
but
if
you
have
more
liquidity,
it
also
creates
another
set
of
problems
in
terms
of
leverage
and
in
terms
of
derivatives
that
are
based
on
those
liquidity
which
inflates
the
secondary
market
that
you
want
to.
You
want
to
control
so
that
you
don't
get
over
leverage
from
that
point
of
view.
So
those
kind
of
things
and
what
kind
of
constructs
are
needed
to
manage
liquidity
and
and
fluid
fluidness
of
those
liquidity
is
under
consideration.
B
As
we
as
we
talk
about
from
a
blockchain
perspective,
the
the
gravitation
toward
blockchain
as
a
technology
was,
I
think,
was
a
was
a
po
was
a
perfect,
as
example,
for
central
banks
to
consider
them
just
because
with
blockchain,
the
three
fundamental
thing,
things
that
that
becomes
inevitable
and
becomes
available
is
about
the
truth,
trust
and
transparency
of
the
available
informations
transactions
data
and,
and
things
like,
and
things
like,
that,
the
immutability
and
the
finality
of
transactions
and
others.
So
it
was
natural
for
central
bank
as
digital
currencies.
B
B
So
how
do
we
allow
settlement?
How
do
we
allow
interoperability?
How
do
we
allow
exchange
of
value?
That's
where
atomic
settlement
type
of
examples
are
being
used
on
blockchain
and
then,
of
course,
the
digital
currency
issuance
itself
like
what?
What
protocol?
What
framework
should
we
use
to
issue
the
digital
currency?
We
for
an
example.
B
Managing
you
know
a
private
network,
for
example,
from
an
infrastructure
perspective,
something
that
is
already
readily
available,
they're
thinking
of
using
that
as
a
really
available
infrastructure,
and
then
they
are
also
looking
at
not
investing
and
developing
their
own
wallet
or
other
kind
of
technology
and
they're.
Looking
at
the
industry
and
the
ecosystem
to
come
up
with
those
solutions
that
would
make
it
seamless
any
wallet
or
various
types
of
competitive
wallet
that
can
exist
there
to
allow
for
for
the
transactions
to
happen.
B
So
in
terms
of
current
activities,
as
we
see
central
banks
across
the
globe
doing
work
in
this
space,
as
I
said,
there
are
many
in
the
discovery
phase,
they're
still
creating
strategy
and
roadmap
discussion
paper
call
for
experiments,
and
things
like
that.
There
are
many
in
experimental
stage
where
they
have
built
pilot
sandboxes
and,
and
then
there
are
some
that
are
reaching,
I
would
say,
operational
state.
Nobody
has
yet
gone
into
full
large
scale
production.
B
There
are
limited
productions
out
there
or
a
limited
proof
of
concept
and
pilots
that
are
running
in
in
production,
which
the
transactions
is
happening,
but
a
large
scale,
full-fledged
deployment
is
still
you
know,
is
not
is
not
there,
but
in
each
of
these
cases
right
whether
they
are
in
different
phases
of
where
they
are
in
their
journey
in
discovery,
experimental
or
operational
they're,
a
bunch
of
questions
that
that
they're
asked
and
the
nature
of
the
questions
that
they
have
changes
based
on
where
where
they
are
in
their
journey.
But
it's
not
easy.
B
It's
not
easy
to
just
build
something
and
and
launch
it,
and
and
do
it
with
a
project
plan
of
you
know,
whatever
six
month,
nine-month
two-year
kind
of
project
plan.
The
nature
of
the
questions
are
probing:
they
they
require
dialogue,
they
require
decisions
and
discussions
among
not
only
with
the
central
bankers
but
the
whole
financial
system.
B
As
I
was
mentioning
earlier,
many
of
these
policies
are
still
taking
shape.
They
are,
they
are
not
yet
fully
vetted,
they
are
not
even
defined
or
not
even
contemplated
in
terms
of
what
those
policies
might
look
like
it
is
coming
slowly.
Some
are
actively
working
on
it.
Some
are
watching
others
what
they
are
doing
and
a
follower,
but
this
is
something
that
most
central
banks
are
first
and
foremost
worried
about.
B
B
If,
if
my
infrastructure
is
attacked-
and
I
have
a
huge
portion
of
my
transactions
depending
on
that?
What
happens?
How
do
we
protect
against
that?
You
know
natural
disaster
or
war,
or
anything
of
that
sort
right
or
those
kind
of
things
that
that
comes
up
in
there
and
then
the
fiduciary
gap.
Central
bank
plays
a
role,
so
in
that
role
they
want
to
make
sure
that
they
have
enough
of
market
consensus.
B
B
Key
stakeholders,
if
you
look
at
central
banks,
so
we
know
we
have
central
bank
issuer
regulator,
consumers,
financial
institutions
and
and
and
identity
providers
today,
for
example,
and
why
identity
provider
today,
for
example,
if
a
bank
issues
a
fiat
currency,
a
note,
you
know
it
doesn't
need
an
identity
there
right.
The
fiat
currency
itself
is
a
guaranteed
value.
B
Central
bank
are
not
in
the
role
of
being
an
identity
provider
today
so
tomorrow,
whether
there
will
be
a
third
party
or
there
will
be
a
natural
extension
of
a
central
bank
acting
as
identity
provider
or
some
other
government
or
public
or
semi-public
entity.
That's
again
a
big
question
that
is
being
investigated
as
we
as
we
work
with
this
kind
of
solutions,
but
it
is
an
important
part.
You
know
that
credential
and
it's
not
only
about
credential
identifying
who
I
am
in
the
digital
world.
B
Let's
look
at
some
key
considerations
again
here.
What
we
will
cover
here
are
some
top
of
the
line,
things
that
have
come
up
in
a
recent
conversation
of
past,
I
would
say
one
and
a
half
year
or
so
they
will
not
cover
the
entire
breadth
and
depth
of
their
many
considerations
as
such,
but
these
are
something
that
where
we
spend
most
of
the
time
in
terms
of-
and
we
are
seeing,
banks
spend
most
of
the
time
in
terms
of
answering.
B
B
We
are
working
with
a
large
central
bank
in
terms
of
creating
a
fiat-based
stablecoin
and
running
a
variety
of
experiment
on
security
settlement.
With
that
thing
we
are
working
with
a
retail
central
bank,
digital
currencies
in
terms
of
creating
the
policy
and
framework
for
issuance
of
retail
central
bank
digital
currencies
in
a
particular
market
and
in
a
smaller
capacity
and
other
places.
B
We
are
consulting
with
a
lot
of
central
banks
in
terms
of
the
policy
making
and
risk
and
risk
and
compliance
driven
work
around
which
the
frameworks
are
defined
and
set
up
the
framework
to
even
experiment
with
central
bank.
Digital
currencies
are
being
defined,
the
technology
decisions
being
made
and
participation
decisions
are
being
made
who
will
participate
in
what
capacity?
Those
kind
of
things
are
being
done
so
you're
very
much
thick
and
thin
in
the
conversation,
and
and
that's
what
I'm
bubbling
up
here
for
for
discussion
and
sharing
with
you.
B
So
if
you
look
at
business
model
considerations,
you
know
the
first
thing
that
comes
up
is
the
account
type
in
terms
of
you
know
the
the
central
bank
digital
currency
itself,
whether
they
will
be
account
based
or
or
token,
based,
of
course,
and
most
of
the
wholesale
side
of
the
central
bank.
Digital
currency,
are
account
based
and
and
that's
an
acceptable
format
that
everyone
would
need
to
have
an
account
and-
and
there
will
be
a
account
based
central
bank,
digital
currencies
and
the
retail
side.
B
B
Then
these
account
types
and
account
types
would
be
interchangeable
and
you
need
to
factor
in
ability,
for
you
know,
for
protocol
to
protocol
or
one
protocol
to
different
protocol
interoperability
between
the
exchange
of
values.
It's
not
only
about
exchange
of
values,
about
exchange
of
consensus
mechanism
that
would
exist
in
different
protocols.
B
B
The
distribution
of
a
central
bank
digital
currency,
so,
if
you
think
from
a
central
bank
perspective,
you
know
if
they
are
in
the
business
of
issuing
the
the
digital
currency.
What's
the
mechanism
of
that
distribution
and
we
are
looking
at
different
types
of
model
in
few
cases,
central
banks
are
thinking
about
issuing
it
themselves,
but
at
least
in
experimental
stages.
In
other
cases,
they're
working
with
market
participants
to
have
a
licensed
a
fire
commercial
bank
issue
issue.
B
There's
cbdcs,
where
a
central
bank
will
provide
the
fiduciary
and
oversight
in
terms
of
managing
what
they
can
issue
and
how
much
they
can
issue
and
in
what
format
they
can
issue.
So
there's
a
two-tier
model
in
which
a
central
bank
then
allows
a
license
to
fire
commercial
bank
issue.
Those
will
go
to
individuals
and
corporates
and
where
the
transactions
and
use
cases
will
be
enabled,
or
in
some
cases
central
banks
are
looking
at
directly
issuing
those
those
currencies
to
facilitate
transactions
and
facilitate
transfer.
B
The
other
question
comes
about
is
on
the
coverage
side.
You
know
as
cbdc's,
it
will
be
accessible
to
different
set
of
entities,
including
consumers
and
businesses
and
others.
How
would
anonymity
be
maintained
in
that
right?
The
car,
the
principle
of
cash
transactions,
is
that
you
know.
If
you
have
cash,
there
is
a
degree
of
anonymity
in
it
and
and
they
would
like
to
have
that
level
same
feature
set
available
in
the
currency
in
the
digital
currency
itself.
B
If
you
look
at
example,
in
china,
for
example,
the
un-based
currency
that
is
being
launched,
each
individual
you
want,
there
can
be
traced
right
from
the
moment
of
its
creation
and
right
to
the
movement
of
its.
You
know,
usage
and
consumption
and
burning
and
whatever
so
the
entire
path
can
be
traced
and
that's
powerful,
that's
powerful
to
understand
how
the
money
is
being
really
used
and
oiling
the
economy.
B
As
well
as
whether
it
is
for
productive
purposes
or
non-productive
and
nefarious
purposes,
things
like
that,
and
but
but
they,
but
the
level
of
coverage
from
an
anomaly
perspective
is
a
big
is
a
big
question
that
is
being
answered
as
we
as
we
as
we
speak,
then
the
question
comes
about
the
privacy
again.
This
is
big
part
of
the
discussion
itself.
It's
a
the
privacy
comes
with
a
trade-off
for
performance.
B
If
you
have
too
many
privacy
checks
and
technology
to
you
know,
get
into
transaction
graph
or
transaction
detail,
the
trade-off
is
on
the
performance
and
and
to
what
extent,
this
privacy
should
be
auditable
to
preserve
the
asset
management
or
the
asset
itself
and
having
that
level
of
scrutiny
on
the
on
the
asset
right,
that's
something
that
is
being
discussed
as
well
right
from
account
level
to
transaction.
Whether
it
is
you
know
one
to
one,
one
too
many
peer-to-peer
or
one
to
many
too
many.
B
The
audit
part
is
something
that
central
banks
are
deliberating
in
terms
of
to
what
level
they
would
have
that
auditable
feature
enabled
as
in
in
this
solution,
as
as
these
things
are
launched
in
the
market,
the
other
one
is
on
control.
As
we
all
know
today,
central
banks
are
basically
in
the
process
of
you
know
they
have
the
control
in
terms
of
how
much
money
is
being
printed
tomorrow.
How
much
currency
will
be
issued
again?
There
will
be.
B
They
would
like
to
have
that
control
to
oversee
system
and
set
the
cbdc
supply
and
can
up
and
and
and
lower
the
the
availability
of
that
kind
of
currency
for
for
for
interacting
with
the
with
the
economy
and
others
again.
The
question
here
then
becomes
is
that
as
these
currencies
are
used
in
transactions
and
again
you
know
from
a
derivative
and
leverage
market.
B
If
leverage
has
been
built
on
that,
how
how
would
visibility
be
created
to
determine
if
there's
an
oversupply
or
under
supply,
and
and
would
there
be
a
policy
in
place
to
guard
against?
You
know
some
central
banks
for
going
far
ahead
in
terms
of
over
supplying
and
creating
a
lot
of
liquidity
to
show
that
the
economy
is
humming
and
booming,
whereas
you
know
there
could
be
a
challenge
of
that.
B
B
Or
it
will
also
lead
to
depreciation
of
the
fiat
itself.
You
know
as
if
there
is
an
overrun
on
central
bank
digital
currencies
in
in
the
transaction,
so
that
kind
of
control
mechanism
to
establish
to
provide
the
trust
to
provide
the
level
of
confidence
in
central
bank
digital
currencies
that
something
is
again
part
of
big
discussions
with
central
banks.
B
Last
but
not
least,
we
have
this
social
business,
social
considerations
in
the
business
models,
which
is
basically
the
stability
of
the
value,
the
means
of
payment
for
for
an
including
financial
inclusion
within
the
country,
consumer
protection,
at
the
store
of
value,
security
and
resource
allocation
and
bringing
the
overall
level
of
trust
in
the
integrity,
financial
stability,
monetary
policy
and
effectiveness
right.
So
these
are
things
that
being
part
of
the
discussion,
as
policies
are
being
written
to
satisfy
many
of
the
social
criterias.
B
As
we
as
we
speak
here,
the
interaction
of
the
business
model
is
again
another
part
that
is
coming
up.
If
you
look
at
central
bank's
digital
currencies,
you
know
there
is
a
central
bank,
their
fi
bank,
their
non-banking
financial
institutions.
You
can't
exclude
them
because
they
play
an
important
role
in
your
in
your
economy,
and
then
there
would
be
some
exchanges.
B
The
interaction
model
is
typically
being
discussed,
as
we
speak
is
whether
there
should
be
only
one
financial
institution
that
interacting
with
cbdc's
or
one
type
of
financial
institutions
or
the
cbdc
is
available
to
banks
and
non-banking
financial
institutions.
Only
or
cbdc
is
available
to
entire
economy
to
interact
with
it
right
the
level
of
breadth
in
which
the
cbdc
will
be
made
available.
B
B
Let's
quickly,
look
at
some
technology
considerations
we'll
take
a
look
at
ecosystem,
decentralized
credentials,
and
these
are
again
the
top
top
bubbled
up
considerations
that,
where
challenges
and
solutions
are
being
worked
on
and
discussed,
more
and
more
as
central
banks
are
experimenting
with
or
or
taking
thinking
about,
launching
central
band
digital
currency
from
an
ecosystem
participation.
You
know
there
is
a
general
belief
in
central
bank
with
central
banks
that
they
primarily
the
role
they
will
place,
will
be
similar
to
that
of
a
fiat
currency
issuance
and
management.
B
They
will
create
policies,
create
the
framework
and
use
public
private
participation
to
to
then
make
this
solution
pervasive
within
the
financial
system.
So
as
such
the
framework
that
they
are
building.
If
you
think
about
this
from
a
central
bank
discipline
is
they
are
building
a
framework
where
the
technology
will
provide
the
interface
technology
hold
on
one.
B
Second,
technology
will
provide
the
interface
for
various
applications
to
interact
with
the
framework,
various
compliance
platform
to
interact
with
the
framework,
and
then
the
entities
in
terms
of
bank
broker
custody
or
you
name
it
broker
dealer.
Whoever
is
there
will
interact
with
the
interact
with
the
platform,
so
it
will
be
kind
of
an
open,
open
architecture,
and
this
is
something
that
has
come
and
it
will
only
allow
more
and
more
participation,
and
if
something
is
successful,
then
it
will
create
a
scale
around
which
it
can
be
very
quickly
expanded.
B
B
The
the
rules
of
participation,
the
framework
in
which
they
will
participate,
the
technology
they
will
use
they're,
not
dictating
specific
technology
as
say,
but
from
a
security
and
interaction
point
of
view.
They
are
defining
those
interaction
mechanism.
But
this
is
how
the
visualization,
in
terms
of
you
know,
different
entities
that
would
come
into
play
will
interact
with
the
ecosystem
and
increase
the
participation
as
need
be.
B
The
other
one
we
talked
initially
is
about
the
credentials
really
how
how
the
credentials
will
actually
work.
We
are
working
with
some
of
our
verified
credentials,
running
on
hyperledger
indi,
for
example,
in
some
of
the
central
bank,
digital
currency
conversations.
It
is
very
important
aspect,
as
I
was
mentioning
earlier.
The
need
for
credentials
to
be
part
of
the
system
is
important,
because
every
entity
on
blockchain
would
have
that
credential,
which
is
interacting
with
digital
currency.
B
The
other
important
factor
is
interoperability.
Interoperability,
not
only
from
within
the
country's
solution,
like
you
know,
within
different
protocols
or
different
blockchain
networks
that
on
which
solutions
are
built,
but
also
interoperability
from
cross-country
cross-border
perspective
right.
So
if
one
region
in
certain
of
the
world
is
has
built
something
on
ethereum,
for
example,
other
region
has
built
something
on
hyperledger,
for
example,
if
you
want
to
connect
the
economic
corridor
for
trade,
then
you
know
what
kind
of
interoperability
will
come
in
right
now.
B
Majority
of
these
are
based
on
erc
20
interface,
using
cross-chain
atomic
swap
like
hdlc
support
and
and
a
set
of
interrupt
standards
for
non-non-crypto
digital
currencies
are
being
developed
in
some
cases
as
well.
Here
is
an
example
of
atomic
swap
between
an
ethereum
ledger
and
an
asset,
hyperledger
ledger-
and
you
know
in
terms
of
the
mechanism
in
which
these
kind
of
value
can
be
exchanged
from
a
permission,
cache
ledger
and
a
permission
asset
ledger.
B
But
it's
it's
a
work
in
progress,
it's
not
something
that
has
been
fully
baked
in
limited
capacity.
These
are
working
the
challenges
where
it's
being
discovered
or
or
I
would
say,
people
are
investing
time
and
money
and
energy
is
on
the
scalability,
the
performance,
the
rollback
feature,
for
example,
you
know,
and
the
translation
of
consensus
mechanism,
one
protocol
and
with
the
other
protocol
to
provide
that
level
of
uniqueness.
B
The
finality
of
the
transaction
as
it
happens,
between
different
protocol,
so
interoperability
is
a
big
thing
and
most
of
the
advanced
central
banks
which
are
working
on
or
have
a
prototype
solution
and
participation.
This
is
the
next
hurdle
on
which
they
are.
They
are
working
to
to
have
a
policy
framework,
as
well
as
a
technological
considerations
for
our
technology
solutions
for
interoperability,
and
then
there
is
a
integration.
B
Earlier
we
saw
the
picture
of
how
a
central
bank
will
provide
the
framework
architecture
or
or
define
the
framework
and
architecture
in
which
solution
will
be
built
and
market
participants
will
interact
then,
but
the
protocols
around
which
those
integration
will
happen,
you
know
ranges
from
full
mesh
connectivity
access
to
common
services
as
well
as
access
to
the
core
banking
system.
The
access
to
core
banking
system
of
banks
is
a
new
one,
but
it
is.
B
B
The
another
technology
consideration
that
is
discussed
most
often
is
the
wallet
some.
Some
central
banks
are
very
particular
that
they
will
define
the
standard
and
framework
for
building
the
wallet,
whereas
others
will
others
are
looking
at
available
wallets
in
the
system
you
know,
most
of
them
are,
of
course
it's
based
on
ethereum,
but
there
are
other
wallets
as
well.
All
they
will
provide
is
a
rules
and
set
of
policies
around
which
this
wallets
can
become
part
of
the
ecosystem,
but
again
there
they
would
allow
these
kind
of
wallets
to
exist.
B
We
will
need
wallet
for
retail,
central
bank
digital
currency.
We
may
need
wallet
for
wholesale
as
well,
there's
a
less
and
less
of
usage
of
examples
of
a
wholesale
wallet,
but
on
the
retail
side,
since
only
10
percent
from
our
experience
of
central
banks
are
using
it
most
of
the
discussions.
There
are
the
wallet
and
the
wallet
management.
B
It's
not
only
about
the
wallet
management
but
the
private
key
and
who
will
be
financially
responsible
for
this
private
key,
whether
you
should
give
it
ultimately
to
the
consumers
or
there
will
be
a
way
for
consumers
to
recover,
lost
private
key
and
other
things.
Those
those
things
are
part
of
the
discussion
as
well.
B
Offline
payment,
many
payments
can
happen
on
blockchain
and
will
happen
on
blockchain
network,
but
there
will
be
different
types
of
payments
that
today
happens:
offline
world,
for
example,
and
and
they
will
they
will
happen
as
well
as
part
of
the
of
any
any
economy
any
process.
So
traditional
techniques
like
electronic
cash
devices
store
and
forward
you
know,
but
all
of
those
will
need
additional
policies
and
regulations
and
legal
enforcement
to
avoid
fraud
or
or
other
kinds
of
financial
crime.
B
A
new
technique
that
we
are
working
with
one
of
the
central
bank
is
basically
developing
a
micro
payment
channel,
which
will
you
know,
require
support
from
the
main
payment
network
using
lightning
network
or
like
bitcoin,
for
example,
bitcoin
lighting
network
or
others
even
from
stellar,
but
that's
an
additional
consideration
that
is
coming
up
to
support
offline
payments
and
then
on
the
privacy
side.
We
have
you
know,
considerations
to
manage
privacy.
We
talked
about
that
in
this.
B
In
the
business
side,
on
the
technology
side,
things
like
private
channels
and
sub
ledgers
as
a
means
and
mechanism
to
handle
privacy
side
chains
where
privacy
credentials
will
be
maintained
in
side
chains
to
interact
with
the
main
blockchain
network
on
which
central
bank
digital
currency
is
used.
Zero
knowledge
proof
again
is
a
big
requirement
and
then
lightning
network
or
some
kind
of
a
two-layer
protocol
network
on
which
a
participant
can
commit
and
commit
funds
and
exchange
transaction
peer-to-peer.
B
Those
kind
of
things
is
again
a
part
of
experiment,
I
would
say
so,
but
everybody
knows
everybody
recognizes
the
fact
that
you
will
have
to
have
a
solution
to
handle
privacy.
You
can't
bog
down
the
main
network
and
solution
with
a
privacy
protocol
on
it.
So
the
question
about
you
know
whether
you
should
have
a
sub
channel
or
a
side
chain.
Things
like
that
would
come
into
play
and
it's
coming
into
play
as
we
as
we
defined
as
we
define
the
solutions.
B
Let's
look
at
some
operational
considerations
as
central
banks.
Looking
at
it
right,
they
are
from
just
pure
operational
perspective.
We
talked
about
a
direct
model
where
they
will
issue
the
they
will
issue.
The
currency
themselves,
maintain
and
manage
the
infrastructure,
indirect
model,
which
is
a
participation
with
other
commercial
institutions,
and
there
could
be
a
hybrid
model
of
all
the
central
banks
that
we
are
working
with
in
the
in
our
universe.
B
If
you
look
at
ways
in
which
things
are
going
on
as
part
of
the
policy
writing
as
part
of
the
framework
drafting
and
other
things,
majority
of
the
efforts
are
being
done
on
the
intrinsic
value
of
the
currency
itself,
so
whether
this
new,
if
they
issue
new
digital
currency,
for
example,
will
it
replace
existing
fiat
or
it
will
be
in
lieu
of
existing
fiat?
What
happens
there
right?
You
can't
just
create
surplus,
for
example,
or
or
how
will
you
back
it
up?
B
What
will
be
the
impact
on
inflation,
so
exchange
value
of
the
fear
to
currencies
and
other
things,
and
how
would
you
guarantee
the
intrinsic
value
and
insurance
for
preserving
intrinsic
value?
So
these
are
tough
policy
questions
on
which
things
are
being
discussed
and
framed
and
written
and
debated
right.
B
So
as
you
use
that
infrastructure,
it's
not
only
about
whether
using
permit
sorry,
private,
private
infrastructure
or
public
infrastructure,
it's
a
question
about
resiliency,
scalability
and
availability
right.
The
big
question
out.
There
is
still
the
fact
that
if
a
technical
challenge
comes
up
in
into
the
into
the
existing
blockchain
network,
you
know
how
would
it
destabilize
the
the
the
important
aspect
of
central
bank,
digital
currency
and
the
transactions
disaster
recovery
and
one
big
question
that
has
started
emerging
is
a
fail,
fail-proof,
rollback
capabilities,
so
would
it
be
possible
to
roll
back?
B
Of
course
you
can
fork
a
network
and
create
other
things,
but
imagine
billions
and
billions
of
transactions
happening
and
the
time
it
would
take
to
go
back
and
roll
back
transactions
for
a
variety
of
reasons
and
then
create
a
new
fork.
I
mean
there
are
significant
technical
challenges
there
itself
to
manage
the
architecture
and
interoperability.
We
talked
about
that.
B
What's
the
what's
the
decision-making
criteria,
if
something
happens
there
right
and
then
something
goes
wrong.
How
would
you
recover
from
that?
It's
not
easy.
It's
not
easy
to
completely
anticipate
what
something
will
happen
in
future,
but
it
is.
It
is
important
aspect
of
consideration
to
write
them
and
and
and
have
that,
clarity
and
understanding
for
the
ecosystem,
to
trust
that
you
know
things.
If
it
goes
wrong,
it
can
be,
it
can
be
recovered
or
it
can
be.
B
It
can
be
brought
back
to
normal
and
that's
where,
from
variety
of
perspective,
right
the
credentials,
the
personal
privacy,
the
impact
on
economy,
all
those
things
come
into
play
as
we
as
we
speak
and
write
these
policies
for
and
expand
on
these
policies.
Many
of
the
experiments
that
we
are
doing
and
proof
of
car
technology
and
proof
of
concept
that
we
are
doing.
Those
are
informing
how
these
policies
will
become
more
mature.
B
This
regulatory
framework
will
become
more
mature
to
support
the
expansion
of
these
kind
of
concepts
into
the
market,
and
there
is
a
roadmap
we
we
normally
encourage
central
banks
to
follow
a
defined
roadmap
from
you
know,
from
strict
from
a
initial
stage
where
they
are
looking
at
assessment
and
when
beginning
to
delve
into
it,
many
central
banks,
as
I
said,
are
still
waiting
and
watching.
But
then
there
is
a
so
once
you
have
done
that
and
understand.
B
This
is
important
aspect
you
get
into
the
deployment
type
of
it
where
you
think
about
you
know
creating
a
framework
of
sandbox
test
network
production
network.
Those
kind
of
thing
then
application
development,
whether
you
do
or
you
invite
commercial
vendors
and
other
commercial
entities
to
do
to
test
the
the
framework
and
infrastructure
and
then
on
the
operation
side.
So
there
is
a
each
each
phase
I
would
say
takes
time.
Each
phase
is
a
learning
process.
B
As
we
speak
sorry
about
that,
I
took
a
lot
of
time
to
cover
that,
but
I
thought
I
gave
some
of
the
key
considerations
as
things
are
happening
in
the
market
and
in
the
market
and
as
the
central
bank
did
so
currency.
Let
me
open
it
up
for
question
answer
and
some
dialogue
and
discussion.
It
was
a,
I
hope.
It's
not
monotonous,
you
know
and
things
in
there.
A
Thank
you
saket
for
this
wonderful
overview
and,
of
course,
drilling
into
some
of
the
operational
aspects.
It's
a
lot
of
ground
to
cover
in
a
short
period
of
time,
and
it's
you
have
done
an
excellent
job.
I
have
the
feeling
that
there
are
a
lot
of
questions,
but
you
know
with
three
minutes
remaining.
A
A
B
Sure,
I
think
that's
a
I
didn't
realize
we
were
spending
so
much
of
time
here,
but
but
you
know,
I
hope
I
provided
the
the
context
and
some
of
the
considerations
here.
I
can
share
this
presentation
if
anybody
wants
to
that's
number
one
reach
me
out
on
linkedin,
and
I
can
I
can
help,
connect
there
and
and
share
this
and
ask
me
any
questions
that
that
that
you
think
and
you're
encountering
in
your
world
right.
B
As
I
said
in
the
beginning,
we
are
living
through
a
a
transformation
that
we'll
see
only
once
in
our
lifetime.
It's
a
it's.
It's
a
great
to
be
part
of
this
and
really
happy
that
you
know
the
world
is
thinking
and
moving
in
the
direction
that
you
know.
It's
really
really
transformative
change
and
will
redefine
the
way
we
will
interact
with
financial
services
going
forward
in
future.
A
Thank
you,
saket,
and,
if
you
send
me
the
presentation,
I
can
also
link
it
from
the
from
the
wiki
page.
That's
one
thing.
The
second
is,
of
course,
this
talk
is
now
available
on
youtube
and
I've
already
put
out
the
link,
and
actually
it's
thanks
to
thanks
to
daniella
and
karen
for
managing
that,
and
once
again,
thank
you
for
thank.