efenigson on Nostr: Re. CBDC infrastructure / base layer: "You can't possibly expect regulated FI's ...
Re. CBDC infrastructure / base layer: "You can't possibly expect regulated FI's (Financial Institutions) to use what already exist (a public permissionless blockchain)... so we invented our own version of a public permissioned network." -- says Singapore's Monetary Authority Executive, Sing Chiong Leong.
I use this video in my new presentation at conferences to demonstrate how stupid, expensive, and slow it can be to reinvent the wheel, which is what central banks, regulators & financial institutions are trying to do now, in the race to a CBDC/digital blockchain world.
Basically – when central bankers got to the CBDC design stage, they understood they needed a common framework to work on. So they took a step back.
Singapore central bank & 24 financial institutions, came up with GL1 - Global Layer One – a multi-year initiative to develop standards, practices and principles of digital infrastructure for tokenised assets, for the transformation of the financial industry.
“Layer 1” – rings a bell? It's not easy to reinvent the wheel.
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"content":"Re. CBDC infrastructure / base layer: \"You can't possibly expect regulated FI's (Financial Institutions) to use what already exist (a public permissionless blockchain)... so we invented our own version of a public permissioned network.\" -- says Singapore's Monetary Authority Executive, Sing Chiong Leong.\n\nI use this video in my new presentation at conferences to demonstrate how stupid, expensive, and slow it can be to reinvent the wheel, which is what central banks, regulators \u0026 financial institutions are trying to do now, in the race to a CBDC/digital blockchain world. \n\n https://m.primal.net/Pses.mp4 \n\nBasically – when central bankers got to the CBDC design stage, they understood they needed a common framework to work on. So they took a step back.\n\nSingapore central bank \u0026 24 financial institutions, came up with GL1 - Global Layer One – a multi-year initiative to develop standards, practices and principles of digital infrastructure for tokenised assets, for the transformation of the financial industry.\n\n“Layer 1” – rings a bell? \nIt's not easy to reinvent the wheel. \n\nhttps://m.primal.net/PsfA.png \n\nSource: https://www.mas.gov.sg/-/media/mas-media-library/development/fintech/guardian/gl1---whitepaper.pdf",
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