The application of blockchain technology has been extended to many fields including digital finance, Internet of Things, intelligent manufacturing, supply chain management, and digital asset transactions. Currently, major countries around the world are stepping up efforts in developing this technology. How to facilitate the development of blockchain and usher in breakthroughs in core technology innovation? How to expedite its application in the financial sector, promote R&D of central bank digital currency and innovation of payment and settlement systems, and use it to improve the effectiveness of monetary policies? At the regulatory level, how to strengthen cross-border cooperation and international rule-making?
it’s important for us all to remember that the global payment system is a public good that serves as a foundation for the global financial system. And that it’s essential that the public sector play the leading role in its operation.
Ross LECKOW
Senior Advisor, Department of Fintech, Strategy and Law, the Bank for International Settlements Innovation Hub
we do need some privacy in digital currencies, however, I do not believe that we want a privacy digital currency, per se. What I mean is that if you look at the different ways of doing privacy with blockchain, Quorum does this in a way that all transactions are encrypted, however for authorized parties, you do get the capability to decrypt the transaction and see the information as needed. However for a product like Zcash, they hide all the information on the ledger so that nobody can eventually see who sent money to who. So I think as part of the regulation compliance, this is not something that we want to go with.
William ZHANG
Lead Information Security Architect, World Bank Group
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