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Bank of Korea, BIS concerned Visa, Mastercard might launch stablecoins
November 24, 2023
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Today Agustín Carstens, the head of the Bank for International Settlements (BIS), spoke at the Bank of Korea (BOK) and had a conversation with the BOK Governor, Chang Yong Rhee. Carstens gave a rousing speech on tokenization and central bank digital currency (CBDC), urging central banks and banks to make a “quantum leap”. Governor Rhee discussed the sense of urgency and the concern that Visa or Mastercard might launch a stablecoin.

The Carstens speech is well worth reading. “Exploiting these technological advances would allow us to build a financial system centred on the individual. This would enable a far-reaching democratisation of finance where each person has access to a digital representation of any asset for financial purposes, regardless of its value. And they would be able to send or receive such assets in any unit or amount, to anyone, anywhere, anytime, using any device,” he said.

The need for a quantum leap

Afterward, Governor Rhee asked him about his reference to a quantum leap. Mr. Carstens spoke about his time as Governor of the Bank of Mexico, which uses planes to distribute cash around the country. The planes were regularly upgraded, but at 40 years old they were inefficient and unreliable aircraft and needed replacing, which he did.

He’s concerned that too much of today’s financial system uses legacy technology. Mr. Carstens’ message was that patching current systems is not enough. There’s a need to move away from siloed systems integrated by messaging to one where reconciliations are no longer needed.

“What is special about us that we cannot do this? For me, that is the key issue. We need to have the confidence that we should do it,” said Carstens. “The overarching objective of having a much better financial system should be the driving force.”

During his conversation with the Governor, Mr. Carstens spoke about central bank digital currency (CBDC). He said it’s “much better to do it with time, in such a way that society is completely on board. That we have all the legal comfort behind us. And also that technologically we do it right because it cannot fail.”

The threat of Visa, Mastercard stablecoins

In response, Governor Rhee asked whether there was enough time to prepare for the transition. He pointed to the launch of PayPal’s stablecoin and the fact that “a United States regulatory body couldn’t say no.” While that stablecoin is currently limited to the United States, his real concern is the potential for a Visa or Mastercard stablecoin with their international networks.

“I think the fact that PayPal, Visa, Mastercard, these big names, a parallel system of stablecoins could be generated that compete with sovereign currencies, is a concern,” said Mr. Carstens. “And therefore I think that behoves authorities to move as fast as possible, given the constraints they face. I share your sense of urgency.”

The Unified Ledger and blockchain

The BIS has the concept of a Unified Ledger for tokenization and institutional transactions between banks and central banks. When it released its Unified Ledger paper, we noted that the document was all about tokenization. It talked about smart contracts but there was no direct mention of blockchain or DLT. Governor Rhee asked Mr. Carstens whether the Unified Ledger concept encompassed blockchains. “It can use blockchain technology,” said Mr. Carstens. “But it definitely has to be permissioned.”

At another point, Governor Rhee noted that non banks were unhappy about their lack of inclusion in the first wholesale CBDC trials in Korea. Mr Carstens responded that he didn’t see any reason why non banks couldn’t participate in the Unified Ledger.

The talk coincided with the Bank of Korea publicly unveiling its plans for its wholesale CBDC trials.

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Specifically, Pyth Network has been selected to publish Gross Domestic Product (GDP) data, starting with quarterly releases going back five years, with plans to expand to a broader range of economic datasets. Chainlink, the other key partner, will provide data feeds from the Bureau of Economic Analysis (BEA), including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. This crucial economic information will be made available across a multitude of blockchain networks, including major ecosystems like Ethereum, Avalanche, Base, Bitcoin, Solana, Tron, Stellar, Arbitrum One, Polygon PoS, and Optimism.

This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.

The significance of this collaboration cannot be overstated. By bringing official statistics on-chain, the U.S. government is embracing cryptographic verifiability and immutable publication, setting a new precedent for how governments interact with decentralized technology. This initiative aligns with broader transparency goals and is supported by Secretary of Commerce Howard Lutnick, positioning the U.S. as a world leader in finance and blockchain innovation. The decision by a federal entity to trust decentralized oracles with sensitive economic data underscores the growing institutional confidence in these networks.

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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, “The Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.”

The data includes Real GDP and the PCE Price Index, which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data 👉will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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List Of Cardano Wallets

Well-known and actively maintained wallets supporting the Cardano Blockchain are EternlTyphonVesprYoroiLaceADAliteNuFiDaedalusGeroLodeWalletCoin WalletADAWalletAtomicGem WalletTrust and Exodus.

Note that in case of issues, usually only queries relating to official wallets can be answered in Cardano groups across telegram/forum. You may need to consult with specific wallet support teams for third party wallets.

Tips

  • Its is important to ensure that you're in sole control of your wallet keys, and that the keys used can be restored via alternate wallet providers if a particular one is non-functional. Hence, put extra attention to Non-Custodial and Compatibility fields.
  • The score column below is strictly a count of checks against each feature listed, the impact of specific feature (and thus, score) is up to reader's descretion.
  • The table represents current state on mainnet network, any future roadmap activities are out-of-scope.
  • Info on individual fields can be found towards the end of the page.
  • Any field that shows partial support (eg: open-source field) does not score the point for that field.

Brief info on fields above

  • Non-Custodial: are wallets where payment as well as stake keys are not shared/reused by wallet provider, and funds can be transparently verified on explorer
  • Compatibility: If the wallet mnemonics/keys can easily (for non-technical user) be used outside of specific wallet provider in major other wallets
  • Stake Control: Freedom to elect stake pool for user to delegate to (in user-friendly way)
  • Transparent Support: Easy approachability of a public interactive - eg: discord/telegram - group (with non-anonymous users) who can help out with support. Twitter/Email supports do not count for a check
  • Voting: Ability to participate in Catalyst voting process
  • Hardware Wallet: Integration with atleast Ledger Nano device
  • Native Assets: Ability to view native assets that belong to wallet
  • dApp Integration: Ability to interact with dApps
  • Stability: represents whether there have been large number of users reporting missing tokens/balance due to wallet backend being out of sync
  • Testnets Support: Ability to easily (for end-user) open wallets in atleast one of the cardano testnet networks
  • Custom Backend Support: Ability to elect a custom backend URL for selecting alternate way to submit transactions transactions created on client machines
  • Single/Multi Address Mode: Ability to use/import Single as well as Multiple Address modes for a wallet
  • Mobile App: Availability on atleast one of the popular mobile platforms
  • Desktop (app,extension,web): Ways to open wallet app on desktop PCs
  • Open Source: Whether the complete wallet (all components) are open source and can be run independently.

Source

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XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

 

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