BIS consultant: a solution for digital currency or a global payment system

According to the news, Ross Leckow, senior adviser on financial technology strategy and law at the Innovation Bank of the Bank for International Settlements, introduced at the first Bund Financial Forum on October 28th that BIS just established an innovation center in June this year. The Innovation Center is located in Switzerland and has three regional centers: Singapore, Singapore, and the Monetary Authority of Singapore; second, Hong Kong, China, with the Hong Kong Monetary Authority; and Switzerland, the Swiss National Bank. The BIS will further establish other sub-centres to further cooperate with the central banks of member states. At present, the initial projects carried out by the Center are mainly aimed at some widespread problems in the financial system. For example, using new technologies such as blockchain to strengthen regulation and compliance, using digital identity infrastructure to support the provision of financial services, and promoting asset settlement with central banks through asset tagging, creating new technologies, such as distributed account technology. Wait. Leckow said that the current problems in the global payment system are not solved by a technology or a method. Digital currency may be a possible solution, but not necessarily efficient, requiring the convergence of multiple technologies and applications, and using multiple technologies to strengthen regulation and compliance, especially when it comes to cross-border capital flows. At the same time, there is a need for a strong regulatory system and legal system to support the use of digital currency. The first is to support supervision through the law; the second is to have a legal basis for protection when conducting information transactions between private entities. BIS supports innovation, but the protection of the law is very important, so much work has been done to strengthen the legal system and support innovation. This involves public law and private law. There are still many issues to be resolved, and international cooperation is necessary.