A recent McKinsey report on the use of blockchains for bank remittances pointed out that the main challenges are: 1. There is too much friction from the legal currency to digital assets, and the central bank should use digital currency as a solution; 2. Regulatory needs to evolve to provide greater certainty; 3. Declare that customer identity should be created on the blockchain to support real-time loans; 4. Bank executives need to believe in the long-term benefits of the blockchain, ie lower Cost, less friction and a safer retail banking system.