Carstens sets out vision for future monetary system

Programmable money on shared ledger would preserve two-tiered structure

Agustín Carstens
Agustín Carstens
Photo: BIS

On February 22, Agustín Carstens set out the Bank for International Settlements’ vision for the future monetary system: programmable money on a shared ledger. 

The unified public-private ledger would combine the existing monetary system with other registries of “real and financial claims” on an open architecture, via smart contracts that could be grouped together for efficiency. 

The proposed architecture “reduces dependency on intermediaries” and would be designed to execute “simultaneous and

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