The Future of Money: Tony Mclaughlin from Citi on the Regulated Liability Network

Date

22 Mar 2023

"The Future of Money"

Content:

As the contest between physical and digital money enters the endgame, a new phase begins – the contest between different forms of digital money. Central banks, commercial banks, fintechs, crypto natives and bigtechs will slug it out to capture future payment flows with very different conceptions of digital money. In the winner takes all digital economy, what form of digital money will come to dominate – it is a 5 way race between CBDC, commercial bank money, e-money, cryptocurrencies and stablecoins. This talk will explore the dynamics of the race and the prospects for the runners and riders.

RLN is a concept for a financial market infrastructure (FMI) facilitating digital asset transactions that connect deposits held at regulated financial institutions using distributed ledger technology. Participants include The NY Fed, BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, U.S. Bank and Wells Fargo. Swift, the global financial messaging service provider, is supporting interoperability across the international financial ecosystem.

Hyperledger Financial Markets SIG Meeting on The Future Of Money

Date 22nd March 2023 (Wednesday)

Time: 10:00 am EDT

Online

https://zoom.us/my/hyperledger.community.backup?pwd=dkJKdHRlc3dNZEdKR1JYdW40R2pDUT09=

Meeting ID: 622 333 6701
Passcode: 475869

Presentation

Questions that were answered:

Mani Pillai : Assuming all legal / technological hurdles are met, when would you think a first commercial testnet could be built ?
Daniel Szego : What is your opinion on the deposit tokens / tokenized commercial bank deposits, like from J.P.Morgan ?
Sandy Aggarwal : Two questions/comments: 1) Please share this slide - excellent info and I very much agree to the tenets of legality of money tenders 2) Are you working on this with SWIFT and BIS to shape this FMI?
Jim Mason: can you discuss the difference between the DAM prototypes on FMIs versus the unregulated DeFi networks today?
can you ask about the JPM's deposit tokens ?
Paulo ROdrigues My question is related to the incentive model. What is in your opinion the main the driver that can mobilize participants to go from PoC participation to actually drive adoption ? Fear of Bitcoin? Fear of being left behind regarding their peers? Compliance Cost reduction? Others?
Dan Schwartz : From a capital markets perspective, while clearly payment is central to an evolution there are multiple types of shared ledgers. Almost every transaction results in an offsetting ledger entry between two parties - OTC derivatives are a prime example. Not to put the cart before the horse but has equivalent research started on the management of capital markets / financial instruments via shared ledger?
Jim Mason : as equivalent research started on the management of capital markets / financial instruments via shared ledger?
<< yes