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“Distributed ledger technology suffers with some real challenges on scalability,” Cunliffe said, with any system needing to be secure and fast. “On the retail side of it, we put in 30,000 transactions per second as a base case, going to 100,000. I don't think you can find any distributed ledger
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Cunliffe highlighted the opportunities of using DLT technology for trade and post-trade settlements, which encapsulates all the processes that follow a trade. For instance, DLT allows both equities and debt instruments to be combined in a single ledger and facilitate instant trades. Smart contracts, which are programmable to execute different
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Speaking at the Qatar Centre for Global Banking and Finance’s annual conference, Cunliffe said recent events have delayed plans a bit. He’s likely referring to the last 24 hours, when Treasury chief Rishi Sunak and senior Treasury official Jon Glen resigned from their roles in Prime Minister Boris Johnson’s government.
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“Margin is there to protect against counterparty credit risk,” said Cunliffe, who has led international work on stablecoin standards. “If the transaction happens in a nanosecond, then you have a nanosecond’s worth of counterparty credit risk.” Source
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The session will focus on the diminishing role of cash and the emergence of central bank digital currencies, moves accelerated by the pandemic. Source
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