Bank for International Settlements and Blockchain Integration Discussed at FinTech Week 2024
Bank for International Settlements Comments on Blockchain Integration
The Bank for International Settlements addressed the challenges of integrating blockchain technology into the existing financial landscape at FinTech Week 2024 held in the United Arab Emirates. Amid growing tensions, the focus shifted towards mitigating risks associated with blockchain projects and their possible use in circumventing sanctions.
Key Highlights from FinTech Week 2024
- Geopolitical risks related to blockchain technologies were emphasized by multiple stakeholders.
- Companies like Chainlink presented solutions for seamless interconnectivity between traditional finance and blockchain.
- Joseph Chan Ho-lim, a government official, reinforced Hong Kong's aspirations to be a virtual-assets hub.
Future of Blockchain Technology in Finance
With initiatives like mBridge receiving scrutiny, Sergey Nazarov, CEO of Chainlink, underscored the importance of establishing safe channels for integration. Blockchain interoperability is deemed crucial for the finance industry's shift towards decentralized systems.
- The role of the Bank for International Settlements in supporting blockchain projects was also called into question.
- Chainlink remains committed to compliance and secure transactions, aiming to alleviate concerns from institutions.
SmartCon was notably timed with this year’s FinTech Week to leverage potential synergies in promoting blockchain-driven finance.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.