►
Description
A virtual meetup hosted by Hyperledger Boston featuring Vipin Bharathan speaking about the Rationale for CBDCs, design choices, challenges. Central Bank Digital Currency is one of the major factors that can change the landscape in finance, trade and commerce forever. While most crypto does not work for the majority of commerce scenarios, CBDC may drive big changes. Vipin is a thought leader and leading architect in many domains including Finance, Trade and Digital Currency. Do not miss the opportunity to understand CBDC and how it may impact your business and work.
More about the event is at: https://www.meetup.com/Hyperledger-Boston/events/274794963/
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A
Okay,
jim,
you
are
live
on
youtube.
I'm
gonna
drop
the
link.
As
you
know,
the
youtube
live
stream.
Page
has
a
chat,
so
you,
when
we
get
to
the
q,
a
you'll
probably
just
want
to
keep
an
eye
over
there
to
see.
If
anybody
has
questions
and
you
can
bring
those
over
and
here
let
me
make
you
host
now,
okay,
great
excellent,
so
I
grab
this
so
you're
all
set
all
right
thanks
thanks
david
all
right,
so
I
want
to
welcome
everybody
to
the
public
sector
meeting
today.
A
I
thank
you
all
for
attending
and
I'm
very
lucky
that
today
we
have
vipin
biafran,
who
is
going
to
go
through
and
explain
central
bank
digital
currencies.
What's
the
concept
behind
them?
Why
are
they
important
to
us?
It's
a
huge
topic.
That's
been
going
on
I'll
quote
been
evolving
for
a
number
of
years
now
and
I
can
say,
as
somebody
who's
been
active
in
what
I
call
e-commerce
marketplaces.
A
This
topic
is
very,
very
big
potentially
to
anybody.
That's
doing
business
today
commercially.
Let's
put
it
that
way.
So
with
that,
let
me
give
you
a
little
background.
We'll
talk
about
the
code
of
conduct,
you
know
it's
the
policy
for
hyperledger
and
the
linux
foundation
that
we
realize
we
have
companies
represented
here
today
with
different
interests,
and
we
don't
want
to
violate
one
any
any
trust
laws
that
are
in
place
so
we're
concerned
about
what
careful
about
what
we
share.
A
I
think,
in
the
spirit
of
what
I
call
cooperation
but
we're
trying
to
avoid
any
anti-competitive
statements
and
so
on,
there's
more
detail
up
at
the
public
sector
link,
I
posted
in
the
chat
on
the
nh
trust
policy.
In
addition,
the
code
of
conduct,
briefly,
whether
we
agree
or
disagree
with
anybody,
that's
fine.
We
want
to
get
everybody's
opinions
out
on
the
table,
but
we
want
to
be
sure
that
we're
both
inclusive
and
respectful
for
everybody
who's
attending
the
meetings
and
so
on.
A
So
that
said,
I
appreciate
that
and
let's
focus
on
what
we're
doing
today
in
the
meeting
so
briefly
just
to
introduce
it's
really.
Today's
topic
is
central
bank,
digital
currencies,
design,
choices,
challenges
and
so
on.
The
rationale
for
those
and
just
briefly
cbdc
is
one
of
the
major
factors
that
can
change
the
landscape
and
finance
trade
and
commerce
forever
for
sure.
Well,
most
crypto
does
not
work
for
the
majority
of
commerce,
which
is
true.
Cbdc
is
a
quote.
A
A
He
writes
for
forbes
and
works
with
a
variety
of
other
companies
as
well
and
organizations,
so
he's
a
big
thought,
leader
leading
architect
in
many
domains,
on
finance,
trade
and
digital
currency,
and
he
has
additional
experiences
in
many
other
roles:
developer
development
manager,
product
owner
product
manager
and
so
on,
and
I
had
sent
out
the
link
is
up
on
the
website
for
all
of
his
background.
But
with
that
said
vipin
can
I
turn
it
over
to
you
sure.
Can
you
hear
me
yeah
you're,
coming
through.
A
A
B
Great,
so
you
know
this
is
the
whole
central
bank
digital
currency
realm
has
is,
is
reaching
the
top
of
the
hype
cycle,
so
everybody
is
now
talking
about
it.
It
doesn't
mean
that
you
know
it's
going
to
happen
in
the
next
couple
of
years,
or
something
like
that.
So
anyway,
I've
been
involved
in
this
for
about
a
year
and
a
half.
Now
with
the
launch
of
the
project
in
apology
called
italer.
B
B
Using
banknotes,
the
payer
and
the
payee,
you
know
the
payer
pays
to
pay
using
banknotes.
So
the
first
thing
to
understand
is
that
cbdc
is
a
payment
solution.
So
what
are
the
characteristics
of
banknotes?
Legal?
It's
a
legal,
it's
legal
tender,
which
means
obviously,
that
it's
legally
you're
obliged
to
take
it,
take
banknotes
for
payment
for
any
services
or
any
debts.
B
It
is
peer-to-peer,
which
obviously
means
there
are
no
other
people
involved
other
than
the
payer
and
the
payee.
It
does
not
accumulate
any
interest.
It
is
completely
anonymous.
Well,
it's
not
really
completely
anonymous.
If
you
have
to
show
up
to
pay,
the
pay
pay
can
always
see
the
payer
and
the
payer
can
see
the
payee
it's
a
physical
token,
and
a
physical
presence
is
needed
to
complete
the
payment.
Okay
and
there's
no
recourse.
B
Usually,
usually
you
leave
the
store
or
you
leave
the
premises
of
where
you
made
the
payment
very
difficult
to
go
back
and
get
the
money
back.
If
some
mistake
has
been
made,
you
didn't
take
the
change.
It
depends
on
the
relationship
in
the
end
between
the
payer
and
the
pay
anyway.
What
you're
seeing
here
is
that
you're
using
the
liability
of
the
central
bank
to
do
the
payment,
so
let's
start
putting
more
things
on
top
of
this
in
terms
of
payment,
make
it
a
digital
payment.
B
B
You
are
using
a
debit
card,
then
you
know
there
are
intermediaries,
then
there's
you
know,
it's
doesn't
have
to
be
peer-to-peer
if
you're
using
credit
cards
over
the
internet-
and
it
can
be,
it
may
not
be
anonymous,
because
all
the
intermediaries
have
information
about
your
payment
and
what
you
used
to
what
you
used
to
to
pay.
You
know
what
services
you
receive
to
pay
the
this
amount.
B
B
B
B
It
is
the
use
of
the
payment
system
as
a
national
infrastructure
payment
diversity.
That
is
multiple
paths
for
payments.
That
is,
if
anybody
has
questions
they
can
stop
me
at
any
time
and
interrupt
me.
Payment
diversity
is
multiple
parts
for
payment,
meaning
all
of
the
other
systems
will
exist,
coexist
at
the
same
time
like
cash.
Nobody
is
saying
we
will
get
rid
of
cash.
Nobody
is
saying
we'll
get
rid
of
credit
cards.
B
Financial
inclusion,
because
banks,
commercial
banks,
seem
to
have
some
problems
with
getting
low-income
people
to
open
accounts,
mostly
because
of
cost,
maybe
because
of
you
know,
problems
with
kyc,
aml
and
so
on,
and
hopefully,
if
the
central
bank
has
direct
accounts,
then
that
need
not
be
the
case.
Then,
of
course,
the
whole
issue
of
cross-border
payments,
which
involves
multiple
intermediaries,
that
is
going
to
be
also
solved
more
easily
with
cvdc
and
reduced
costs
of
issuance
compared
to
cash.
B
Cash
is
being
a
physical
token,
needs
extreme
measures
to
mint
and
to
distribute
and
secure,
because
you
have
to
have
armored
trucks
carrying
the
carrying
cash,
in
fact
about
two
to
three
percent
of
the
senior
age,
which
is
the
amount
that
the
central
banks
get
are
spent
in
issuing
cash.
I
mean
in
this
in
issuing
and
distributing
cash
distribution
and
securing
cash
at
the
edges,
which
is
merchants,
have
a
problem
securing
it,
because
you
have
to
be
worried
about
thievery.
B
B
B
B
Cash,
of
course,
is
also
issued
by
the
central
bank,
but
it's
not
digital.
So
that's
that's
the
main
difference
between
the
retail
cbdc
and
cash
and
if
you
notice,
the
bank
deposits
are
under
non-central
bank
issue,
which
means
that
this
bank
deposits
are
the
liability
of
the
of
the
bank
that
is
holding
the
deposit
not
of
the
central
bank,
which
means
there
is
counterparty
risk
if
the
bank
goes
out
of
business.
B
B
B
B
You
know
I
I
actually
had
a
slide
in
the
beginning,
which
I
will
go
back
to
which
I
think
I
forgot
to
show
this
is
animation.
So
so
the
rationale-
oh
I
I
cannot
find
that
slide,
but
I'll
I'll
I'll
get
to
that.
So
the
main
rationale:
okay,
it's
a
twin
of
cash,
so
it
has
to
be
the
twin
of
cash
and
I
did
go
into
in
slight.
You
know
started
talking
about
this
and
to
regain
control
of
monetary
policy
and
reduce
cost
of
issuance.
Yes,
I
did.
B
This
is
a
pyramid
of
c
bdc
design
choices
published
by
the
bis
folks,
where
the
one
side
shows
a
custom
consumer
needs
and
the
other
side
shows
this
design
choices.
But
since
it's
done
by
economists,
it's
you
know
it.
It
can
be
taken
as
a
sort
of
a
aspirational
economic,
functional
design
choice
rather
than
a
design
choice
which
is
technical,
but
they
they
try
to
say
that
the
various
layers
of
this
each
layer
is
dependent
on
the
choices
made
below
like,
for
example,
cash
like
with
peer-to-peer
functionality.
B
What
does
it
mean
for
the
architecture
right,
whether
it's
a
indirect
or
direct
claims
to
the
on
the
operational
role
of
the
central
banks?
The
the
problem
with
the
central
banks
is
that
they
do
not
really
interact
with
retail
customers,
so
it
is
surmised
that
they
do
not
have
a
good
user
interface,
designs
or
user
interface.
B
B
Then
this
account
or
token
based
access
technology.
That
is
often
a
sort
of
a
red
herring,
because
theoretically,
there
is
no
true
token
based
access
technology,
people
often
point
to
bitcoin
or
something
and
say
yeah.
This
is
a
token
based
access
technology
because
it
uses
unspent
transaction
outputs.
B
B
B
It's
called
synthetic
cbdc,
but
people
have
said
that
it
is
not
it's
not
a,
not
a
cbdc.
This
concept
has
been
around
for
a
long
time.
It's
called
narrow
banking.
That
means
your
cbdc
or
your
lending
is
completely
backed
by
your
reserve
accounts
and
the
idea
first
surfaced
in
in
the
60s,
but
obviously
that
would
be
a
blow
to
the
money
supply
because,
as
I
mentioned
before,
most
of
the
money
supply
in
the
economy
comes
from
commercial
banks.
B
So
again
I
we
made
this
list,
which
is
has
those
familiar
items
that
we
talked
about.
But
there
are
a
couple
of
things
here
which
are
not
in
a
settlement
system
like
our
rtgs
does
not
operate
24
7
365,
but
we
need
any
retail
cbdc,
just
like
cash
to
be
able
to
function,
24,
7,
365
and,
of
course
the
fungibility
of
the
of
the
token
is
very
important.
It
can
be
converted
to
any
form
of
money
or
from
any
form
of
money.
B
Another
point
is
the
offline
functionality.
Offline
functionality
means
that
you
should
be
able
to
transact.
Even
when
there
is
no
internet.
There
is
no
connection
to
the
outside
world,
which
can
be,
I
mean
cash.
Obviously
you
can
do
that,
but
for
cbdc
that
we
have
proposed
several
ways
of
doing
it
most
involve
programmable
smart
cards.
A
Go
ahead
so
first
one
it
says:
can
the
account
that
we're
talking
about
be
based
on
a
user's
bank
account?
That's
what
your
you
had
mentioned
earlier,
which
I
think
the
answer
is
that
yes,
instead
of
see
the
question
goes
on
instead
of
cbdc.
Why
can't
a
user
issue
his
own
stable
coins
based
on
his
bank,
account
through
a
custodian
which
ht,
if
you
want
to
unmute
yourself
and
ask
that
question
directly.
B
B
B
B
Ultimately,
the
point
is
that
all
of
these
systems
flow
back
to
the
central
bank,
which
is
the
safest
form
of
money.
Today,
people
can
argue
with
this.
They
can
say
yeah.
You
know
you
can
have
a
bitcoin
or
some
other
form
of
currency,
but
in
reality
most
of
the
transactions
in
this
world
are
happening
through
central
bank
recognized
legal
tender.
B
B
Well,
account
account
based
just
means
that
you
know.
I
think
this
is
a
false
dichotomy.
It
never
really
resonated
with
me
and
nor
with
several
other
people
who
work
on
cbdc's
because
they
ultimately
reduced
it
to
the
difference
between
bitcoin
and
ethereum.
For
example,
ethereum
has
an
account
by
structure.
That
means
looking
at
my
private
key,
I
can
always
I
mean
my
public
key
or
my
wallet,
which
looks
at
my
public
key.
I
can
always
get
the
total
amount
in
my
in
my
in
my
you
know.
B
That
is
like
an
account,
so
it
you
can
get
the
total
amount
there.
Now,
if
you
go
to
the
token
based
system,
if
it's
a
collection
of
utxos
that
are
that
are
ultimately
secured
by
a
public
key,
then
you
have
to
add
them
all
up
separately
to
come
to
a
to
whatever
balance
you
have
so
the
balance
needs
a
operation.
B
B
B
Anyway,
so
I
will
continue
to
talk
about
what's
happening
with
the
you
know.
Why
why
you
know
we?
We
went
through
this
project,
we
created
these,
you
know
we,
we
went
through
the
choices
that
we
talked
about
and
we
actually
created
a
project
and
we
used
ttf,
which
is
a
token
taxonomy
framework
to
do
the
modeling
of
the
token.
It
is
basically
a
composable
framework
with
behaviors
and
properties
behaviors
entail
implementing
some
interfaces,
which
we
did
for
this
token
is
saying
that
it's
fractional
token,
so
the
d
means
divisible.
B
So
we
thought
our
token
should
be
divisible.
It
should
have
four
decimal
places.
So
if
you
call
decimals
object
property,
you
get
four.
Similarly,
the
other
other
operations
and
supply
control
there
sc
means
you
can
mint
and
burn
tokens
and
there
are
rules
operating.
That
means
only
certain
people
can
mint
it.
Only
certain
people
can
burn
it.
B
Was
supported
by
that
role,
so
we
bring
in
compliance
we
bring
in
role-based
access
control.
We
bring
in
control
into
the
situation
using
this
ethereum
blockchain,
and
we
did
this
with
the
association
of
swap
sub.
Who
is
a
right
now
called
otc
digital
money
play
in
the
in
the
capital
market.
Sig
was
the
one
who
did
most
of
the
coding,
but
I
contributed
a
lot
of
the
ideas
and
I
also
contributed
suggestions
of
the
structures
to
be
set
up
and
so
on.
Anyway.
B
B
B
That
is
a
zero
limit
boundary
right,
because,
basically,
if
it's
going
to
be
like
cash,
it
will
yield
0
interest,
but
european
banks,
I
mean
european
central
bank
and
other
central
banks
are
doing
qe
by
having
negative
interest
rates
and
that
negative
interest
rates
cannot
be
implemented.
If
we
have
a
strict
digital
twin
of
cash.
There
are,
of
course,
proposals
that
that
say
that
we
should
give
remuneration
to
cbdc's.
B
Again,
the
tiered
wallets
and
the
more
token
like
it
is
the
privacy
is
more
and
the
other
is
security
concerns
like
with
cash.
If
you
want
to,
if
you
want
to
steal
cash,
you
have
to
stop
trucks
carrying
cash,
and
you
know
use
armed
robbery
to
to
get
a
hold
of
the
cash,
and
we
have
seen
several
great
movies
with
that
as
the
premise,
but
for
cbdc,
since
it's
completely
digital,
if
it
is
hackable,
then
somebody
sitting
somewhere
else
or
state
actors
could
come
and
drain
your
system.
B
If
there
are
security
holes,
so
it
has
to
be
absolutely
secure,
secure
and
maybe
there
has
to
be
multiple
ways
to
secure
the
system.
Privacy
has
and
the
security
has
to
be
by
design.
Then
there's
the
interoperability
question.
There
is
already
an
established
fx
market
that
operates
in
regular
currencies.
B
B
Usually
this
is
done
by
segmenting,
the
whole
space
and
shotting
the
space
and
then
working
at
it
in
a
piecemeal
fashion
and
using
more
devices
at
the
edge
to
scale
the
system
and
performance
than
otherwise.
So
there
are
some
ideas.
This
first
project,
helvet
elvasia,
is
to
integrate.
So
why
do
we
care
about
cbdc?
First
of
all,
if
cbdc
is
the
most
secure
form
of
payment,
because
it's
backed
by
central
bank.
B
B
B
The
tokens
being
traded
here
and
then
the
settlement
is
happening
at
the
bottom
layer
and
integration
of
the
of
the
of
the
tokens
with
with
the
payment
rail
is
what
will
create
a
new
digital
market.
So
this
is
a
much
more
sort
of
visionary
way
of
looking
at
things,
because
without
an
integrated
payment
system,
you
cannot
have
a
true
digital
marketplace.
B
B
B
Central
banks
were
thinking
about
cbdc,
whereas
80
in
the
latest
survey
showed
they
have
been
thinking
about
cbdc.
So
not
only
thinking
but
experimenting
writing
papers
either
pro
or
con,
and
some
of
them
have
even
changed
their
mind
based
on
events
or
on
the
change
in
leadership
at
the
higher
levels
of
the
bank.
I
have
actually
a
article
in
forbes
about
that
meaning.
B
It
is
not
just
technical,
technical
considerations
that
cause
the
change
in
a
strategy
for
the
central
bank.
It
is
the
actual
leadership
of
the
central
bank.
It
is
other
conditions
like
the
pandemic
that
cause
this
change
of
heart,
and
this
is
the
last
slide.
I
think
the
in
the
short
term
experimentation
will
continue.
B
B
A
B
B
A
Yeah
I'll
publish
the
slides,
along
with
the
video
on
hyperledger
up
on
the
website,
so
that
everybody
can
get
to
that.
Is
it
fair
to
say-
and
this
is
just
your
I
need
your
thought.
Is
it
fair
to
say
if
I
look
at
cryptocurrencies,
all
of
them
all
over
the
world
and
say
how
they're
being
used
for
payments
today,
they're
nowhere
near
hitting
10
of
all
payments
on
planet
earth
and
it
doesn't
look
like
they're
ever
going
to
reach
that
hurdle
rate?
B
A
Right
in
the
shady
marketplace,
the
key
to
me
about
the
cbdc
and
why
you
listed
a
million
great
things
about
what
cbdc
brings
so
I
can
literally
say
if
we
had
it
all
of
the
advantages
of
the
current
payment
systems
would
be
available
quote
via
cbdc,
with
many
of
the
disadvantages
removed.
As
you
showed
in
your
earlier
slides
and
there
to
me,
there
is
no
opportunity
because
of
the
security
differences,
the
high
conversion
rates
for
crypto
and
so
on.
That's
to
me,
I'm
guessing!
B
Let's
look
at
bitcoin,
for
example,
90
or
more
of
the
bitcoin
are
held
by
two
percent
of
the
participants.
Maybe
they
can
pay
each
other,
but
it
doesn't
mean
that
you
know
whatever
number
of
wallets
that
are
joining
the
system.
Every
day
will
ever
be
have
enough
money
in
the
ecosystem
unless
the
whales
are
willing
to
part
with
their
with
their
bitcoin
to
buy
services
from
the
rest
of
us,
poor
suckers,
who
won't
have
any
bitcoin.
B
B
A
B
B
In
like
lightning
so
they
may
come
up
with
a
solution
that
that
is
similar
to
lightning,
in
the
sense
that
there
has
to
be
a
layer
two
for
smaller
payments
and
scale,
and
you
know
so
on,
but
in
lightning,
as
you
know,
the
you
can
make
payments
directly
to
somebody,
but
if
there
is
no
liquidity
in
the
system,
there
has
to
be
liquidity
providers.
There
have
to
be
intermediaries,
so
all
of
that
stuff
will
get
resurrected
in
the
layer
two.
B
So
this
this
effort
will
it
happen
in
the
next
couple
of
so
somebody
has
asked
this
question
pops
up
all
the
time.
Why
not
digitize
the
back?
Banks
demand
deposits.
Instead
of
the
same
central
banks,
liabilities
the
banks
demand
deposits
are
already
digitized,
you
can
exchange,
you
can
make
digital
payments
from
your
bank
account
to
various
people
or
various
enterprises.
B
B
Was
it
useful
in
the
first
place
I
mean
I
want
to
get.
I
want
to
ask
you
guys
a
question,
it's
very
difficult
when
you're
presenting
through
such
a
medium
of
getting
a
sense
of
the
audience's
reactions
instead
of
through
the
chat
I
mean,
the
chat
is
good,
but
you
know
this
question.
I
I
want
either
you
jim
or
others
to
answer.
A
Well,
all
right
I'll
throw
one
thing
out
there.
One
of
the
things
I
did
learn
today
is
I'll
say.
The
complexity
of
the
topic
is
not
small.
It's
a
you
cover
a
very
broad
scope.
Number
one
number
two
they're
you're,
going
from
basic
concepts
on
things
like
tokens,
you
know
cryptocurrencies
digital
currencies,
regular
money,
supply
payment
systems,
there's
a
whole
lot.
You
were
covering,
plus
you
were
moving
that
forward
into
eat
taller
and
all
the
other
stuff.
You
showed
us.
What
I
realized
is
in
hindsight.
A
This
probably
would
have
been
something
as
a
topic
that
would
have
been
broken
up
into
multiple
sessions,
because
you
cover
so
much
and
you
have
to
cover
all
of
that,
because
we
don't
have
the
same
level
playing
fields
as
an
audience.
So
I'll
ask
the
audience
any
other
thoughts
on
back
to
whitman
on,
in
a
sense
ideas
on
how,
in
effect,
we
could
communicate
all
of
this
material
more
effectively.
You
know
because
we,
I
asked
vipin
to
do
this.
He
stepped
up
beautifully
and
I
think
the
challenge
of
it
is.
B
A
A
I
think
the
challenge
exactly
what
jim
you
said,
there's
just
so
many
pieces,
because
you're
touching
cryptocurrency,
you
know
to
to
dlt
technologies,
to
monetary
systems,
not
just
monetary
policy,
but
broader
kind
of
monetary
systems.
There's
just
a
lot.
There
is
a
lot
to
cover
at
the
same
time.
I
I
you
know,
you
know
one
one
approach
is
take.
It
take
a
very
high
level
summary
approach
and
then
have
multiple
sessions.
A
If
that
you
deep
dive
into
one
that
is,
you
know,
an
an
approach
that
could
be
done,
but
you
know
there's
also,
you
know
value
and
just
look
explaining
that
this
is
what
the
high
level
summary
is
across
the
board,
which
I
think
you
did
well.
I
I
I
don't
know
if
I've
seen
anyone,
I
don't
know
if
I've
seen
anyone
present
it
any
better
because
yeah
this
is
this
is
so
difficult.
A
There
are
so
many
moving
pieces,
I'm
still
getting
my
head
wrapped
around
this
and
there's
no
pardon
of
pardon
the
pun.
There's
nothing,
no
consensus
on
this
at
all
on
on
any
of
this,
like
what
the
what
the
implications
of
cbdc
are
or
the
broad
implications
of
cryptocurrency.
You
know
there's
so
many
people
in
this
community
and
I
don't
mean
hyper
ledger-
I
mean
the
much
broader
I
think
the
broader
dlt
blockchain
community,
that
that
are
just
driven
more
by
philosophy
and
even
social
identity
than
anything
else.
A
You
know
with
rampant
utopianism
and
and
conspiracism,
and
you
know
I
think,
if
anything,
the
hyperledger
community
is
actually
a
lot
more
well-grounded,
so
I
think,
taking
all
that
into
account,
I
think
I
think
you
you
did
a
great
job.
If
there
was
one
thing
I
could
suggest
along
the
lines
of
what
jim
suggested
that
could
make
it
even
better,
it
would
be
maybe
come
up
with
an
extremely
high
level
slide
in
the
beginning
that
explains
the
entire
or
as
as
as
entire
as
you
can
be
at
a
very
high
level.
A
It's
just
an
index
card
like
these
are
the
concepts
that
this
you
know.
These
are
the
areas
that
this
concept
touches
on
and
then
saying
this
is
what
we're
going
to
focus
on
and
maybe
that
that
could
kind
of
set
the
stage,
because
just
kind
of
knowing
the
map
of
all
the
different
moving
parts
that
this
topic
covers
could
be
very,
very
useful
and,
and-
and
I
know
that
maybe
that
could
be
something
that
could
that
could
you
know
make
it
better.
B
A
So
vipin,
I
will
say
this:
your
ability
to
cover
a
phenomenally
broad
set
of
topics
in
a
coherent
manner
with,
in
a
sense,
very
different
levels
of
expertise
in
your
audience
was
outstanding.
So
if
I
need
somebody
to
present
on
the
future
of
the
world
in
an
hour,
I'm
gonna
call
on
you
first,
because
I
think
you'll
be
able
to
get
that
presentation
and
end
organized
intelligently.
So
I
thank
you
very
much
for
everything.
You've
done.
It's.
It's
been
a
great
session
on
your
part.
It
does
leave
us
saying
hey
depending
upon
our
situations.
A
I
think
we
all
need
to
go
off.
Take
not
only
the
powerpoint,
the
video
go
back
and
use
those
as
what
I
call
launch
points
to
answer
our
own
questions
going
forward
and
what
are
we
more
interested
in,
but
you
certainly
provided
a
solid
end-to-end
foundation.
I
think
so
I
want
to
thank
for
all
of
us.
I
want
to
thank
you
very
much
for
a
great
session
and
fortunate
to
have
had
you
present
today.
Any
closing
comments
for
anyone
else.
B
I
mentioned
it
briefly
in
the
beginning.
Thank
you
for
the
you
know
for
the
compliments
and
I
just
want
to
keep
growing
and
say
you
know,
tell
the
story
in
a
coherent
way,
so
it
doesn't
leave
anybody
out,
but
also
goes
into
details
in
certain
areas
that
people
cannot
follow.
Certain
people
cannot
follow,
which
is
okay.
I
mean
that's,
that's
the
way
I
try
to
do
it,
but
I
threw
it
together
in
a
couple
of
days,
this
whole
presentation
so.
A
All
right,
thank
you,
yeah.
I
really
appreciate
it
so
and
the
truth
of
it
is,
I
know,
you're
in
this
space
heavily,
and
so
unfortunately,
that
means
that
the
rest
of
us
will
probably
want
to
continue
to
lean
on
you
for
leadership
on.
You
know,
sort
of
organizing
this
for
the
rest
of
us,
because
I
don't
know
anybody
else,
that's
organized
as
well.
A
B
Yeah
yeah
yeah
I'll
I'll
link.
You
know
it
is
in
the
capital
market
sig,
it
is
there's
a
link
there.
It
is
still
draft
we
haven't
published
it.
I
will
send
the
link
also
to
jim,
and
I
would
be
grateful
if
you
could
make
any
comments
on
the
paper
as
well,
and
I
wrote
it
in
collaboration
with
manipulate
from
otc
digital.
B
We
have
been
talking
about
this
stuff
for
a
long
time.
Now
I
mean
a
long
time
in
the
relatives
scale
of
things.
The
other
thing
is
dcgi,
which
is
digital
currency.
Global
initiative
in
the
u.n
has
three
work
streams.
Three
working
groups
set
up,
and
I
am
now
the
vice
chair
of
the
interoperability
work,
work
stream
inside
the
policy
and
governance.
So
anybody
who
wants
to
contribute
to
that
is
also
welcome
there.
It's
an
open
forum
because
it
is
run
by
the
un
itu,
which
is
a
international
telecommunication
union
and
stanford
university.
A
All
right,
well,
I'm
going
to
take
all
of
those
references
along
with
the
links
you
send
me
in
the
presentation
at
powerpoint
and
I'll
put
all
of
that
up
on
the
public
sector
group,
including
the
point
over
to
your
capital
markets
group,
which
is,
I
think,
a
place
where
a
lot
of
this
stuff
does
get
discussed
on
an
ongoing
basis
as
well.
So
I
think
all
of
us
definitely
will
look
to
all
these
resources
as
a
way
to
follow
up
and
see
with
your
help
where
things
are
headed
going
forward.