Carstens says ‘quantum leap’ needed to overcome legacy systems
BIS chief says tokenisation, CBDC and unified ledgers could ‘democratise’ finance
Financial technology is now advanced enough to allow a “quantum leap” that replaces the current fragmented network of legacy systems, Agustín Carstens said today (November 23).
The Bank for International Settlements general manager said many elements of the financial sector were developed when computing power and communication was limited. By building on top of these legacy systems, the world has ended up with a “complex web” of links that require a slow process of reconciliation before
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