Legal framework key to keeping money’s singleness – study
Interoperable blockchain payment systems could present challenges, say NY Fed researchers
Legal and institutional environments will be critical to maintaining the singleness of money amid interconnected blockchain systems, say researchers with the Federal Reserve Bank of New York.
Their paper, published on March 27, says central banks are conducting experiments with a view to reimagining the global payments architecture. The authors – Jon Durfee, Michael Junho Lee, Joseph Torregrossa and Sarah Yu Wang – say a significant motivating factor behind this is the increased use of tokenised
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