• Home
  • Cryptocurrency
  • Blockchain
  • Analysis
  • News
    • Regulations Security
    • Getting Started
  • Insights
    • Opinion
    • Expert Interview
  • All Posts
Facebook X (Twitter) Instagram
Trending
  • KiloEx Exchange Exploiter Restores All Stolen Funds Following $7.5 Million Hack
  • Hashkey Targets XRP ETF in Asia with New Fund Supported by Ripple
  • Sygnum Predicts Potential Altcoin Rally in Q2 2025 Due to Enhanced Regulations
  • Media Tycoon Files Counterclaim Against Justin Sun in $78 Million Sculpture Dispute
  • Yemenis are embracing DeFi in response to US sanctions on the Houthi group
  • Saylor and ETF Investors’ ‘Stronger Hands’ Contribute to Bitcoin Stabilization — Analyst
  • Bitcoin Dip Buyers Show Interest at BTC Range Lows, Yet Remain Risk-Averse Until $90K Establishes Support
  • Kyrgyzstan’s President Enacts CBDC Legislation Granting Legal Status to ‘Digital Som’
Facebook X (Twitter) Instagram
CoinovelCoinovel
  • Home
  • Cryptocurrency
  • Blockchain
  • Analysis
  • News
    • Regulations Security
    • Getting Started
  • Insights
    • Opinion
    • Expert Interview
  • All Posts
CoinovelCoinovel
Home » BIS Envisions a Unified Ledger Technology-Powered ‘Finternet’ for Global Connectivity
BIS Envisions a Unified Ledger Technology-Powered 'Finternet' for Global Connectivity
BIS Envisions a Unified Ledger Technology-Powered 'Finternet' for Global Connectivity

BIS Envisions a Unified Ledger Technology-Powered ‘Finternet’ for Global Connectivity

0
By admin on 2024-04-15 Regulations Security

The Bank for International Settlements (BIS) has presented a comprehensive argument advocating for the adoption of unified ledger technology. BIS Chief Agustin Carstens coauthored a paper that introduces the concept of a “financial system for the future” called the Finternet, which would utilize unified ledgers as a means of operation.

According to the BIS paper, unified ledgers have the potential to address several issues in the current financial system by enhancing speed, compliance, and privacy. They bring together various financial asset markets and enable them to function as executable objects on programmable platforms. This flexibility offers advantages over digital transactions conducted on other platforms.

Unified ledgers consolidate all the necessary components for completing financial transactions, including financial assets, ownership records, usage regulations, and other pertinent information, within a single venue. This feature allows them to overcome challenges related to technical standards and governance, ultimately eliminating the need for third-party messaging systems.

It is important to note that the BIS does not propose a single unified ledger. Instead, multiple unified ledgers would interact with each other and with the broader financial system beyond the Finternet through various applications. To facilitate transfers using smart contracts, unified ledgers require the tokenization of assets, particularly money. The proposal also introduces the role of a tokenization manager, responsible for monitoring regulatory requirements.

The concept of unified ledger was first introduced by Carstens in February 2023 and was further discussed in the 2023 BIS annual report. Additionally, the recently announced Project Agora, which involves central bank digital currency and tokenized money transfers, also relies heavily on unified ledger technology. The BIS and seven central banks are participating in this project.

Notably, the idea of unified ledger has also been considered by SWIFT, the global financial messaging service. Furthermore, the proposed XC platform by the International Monetary Fund shares many similarities with the concept of unified ledgers in terms of its functionality and structure.

In other news, there has been a growing adoption of Bitcoin in Senegal. This African country has embraced BTC as a means of conducting financial transactions. The reasons behind this trend are multifaceted and warrant further exploration.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

KiloEx Exchange Exploiter Restores All Stolen Funds Following $7.5 Million Hack

Media Tycoon Files Counterclaim Against Justin Sun in $78 Million Sculpture Dispute

Saylor and ETF Investors’ ‘Stronger Hands’ Contribute to Bitcoin Stabilization — Analyst

  • Popular
  • Latest
  • Hot comments
2022-02-23 Getting Started

Cryptopedia: Unveiling the Metaverse’s Potential to Revolutionize the Internet

2022-03-07 Getting Started

Unveiling Cryptopedia: Grasp the fundamentals of DAOs and their operational mechanisms

2022-03-25 Getting Started

Cryptopedia: Explore Web3 and its goal to revolutionize internet services

2025-04-18 Regulations Security

KiloEx Exchange Exploiter Restores All Stolen Funds Following $7.5 Million Hack

2025-04-18 Cryptocurrency

Hashkey Targets XRP ETF in Asia with New Fund Supported by Ripple

2025-04-18 Cryptocurrency

Sygnum Predicts Potential Altcoin Rally in Q2 2025 Due to Enhanced Regulations

Latest Gallery

Latest Recommendations
2025-04-18 Regulations Security

KiloEx Exchange Exploiter Restores All Stolen Funds Following $7.5 Million Hack

2025-04-18 Cryptocurrency

Hashkey Targets XRP ETF in Asia with New Fund Supported by Ripple

2025-04-18 Cryptocurrency

Sygnum Predicts Potential Altcoin Rally in Q2 2025 Due to Enhanced Regulations

2025-04-18 Regulations Security

Media Tycoon Files Counterclaim Against Justin Sun in $78 Million Sculpture Dispute

2025-04-18 Blockchain

Yemenis are embracing DeFi in response to US sanctions on the Houthi group

2025-04-18 Regulations Security

Saylor and ETF Investors’ ‘Stronger Hands’ Contribute to Bitcoin Stabilization — Analyst

2025-04-18 Cryptocurrency

Bitcoin Dip Buyers Show Interest at BTC Range Lows, Yet Remain Risk-Averse Until $90K Establishes Support

2025-04-18 News

Kyrgyzstan’s President Enacts CBDC Legislation Granting Legal Status to ‘Digital Som’

2025-04-17 Blockchain

Polygon’s Nailwal: The Jio Partnership Will Propel Real-World Web3 Adoption for 450 Million Users

2025-04-17 Blockchain

Babylon’s Total Value Locked Decreases by 32% as Wallets Unstake $1.2B in Bitcoin

2025-04-17 Regulations Security

OpenAI pursued a deal with Anysphere prior to shifting its focus to WindSurf

2025-04-17 Analysis

Bitcoin Gold’s Imitation Strategy Could Surpass $150K as BTC Remains ‘Remarkable’

2025-04-17 Cryptocurrency

AI Tokens and Memecoins Dominate Cryptocurrency Narratives in Q1 2025: CoinGecko

2025-04-17 Cryptocurrency

Four Reasons Why the Price of Bitcoin Could Surge to $90,000 in April

2025-04-17 News

Trump Criticizes Powell for Delaying Interest Rate Cuts, Calling It ‘Too Late’

2025-04-17 News

Wyoming Commission Considers Whether Stablecoin Falls Under SEC Regulations

About
About

Coinovel is an enthralling novel of cryptocurrencies. Engage with narratives, delve into stories, and journey through the captivating world of digital currencies.

X (Twitter) Telegram
Popular posts
2022-02-23 Getting Started

Cryptopedia: Unveiling the Metaverse’s Potential to Revolutionize the Internet

2022-03-07 Getting Started

Unveiling Cryptopedia: Grasp the fundamentals of DAOs and their operational mechanisms

2022-03-25 Getting Started

Cryptopedia: Explore Web3 and its goal to revolutionize internet services

Copyright © 2025 coinovel. All rights reserved.
  • Home
  • Cryptocurrency
  • Blockchain
  • Regulations Security
  • Analysis
  • Insights
  • News
  • Getting Started

Type above and press Enter to search. Press Esc to cancel.