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6 - DLT in Payments

New Course of History Ahead?

from Part III - The Power of Distributed Ledgers in Payments

Published online by Cambridge University Press:  26 October 2023

Sabrina Leo
Affiliation:
Sapienza Università di Roma
Ida Claudia Panetta
Affiliation:
Sapienza Università di Roma
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Summary

Distributed ledger technology and the resulting crypto-assets have the potential to transform the financial and payments industry by leveraging features of flexibility, transparency, and rapid scalability. The constant evolution and increasing adoption of this innovation, despite cyclical turbulence, is here to stay, requiring greater stability and control in order to scale to levels unexpected just a few years ago. The opportunity in the payments industry is to bring innovation particularly in cross-border, micro- and conditional payments, to which current offerings struggle to respond due to rules, technologies, and business models that need to be evolved. To allow this innovation to fulfil its full potential, it is crucial to address the challenge related to the current high levels of risk and uncertainty and to define a clear and shared regulatory framework between national and cross-border regulators. A key role will be played by intermediaries, in particular qualified and reliable service providers, capable of meeting the needs and protecting all parties involved, private and public. They have the opportunity to be key players in the change, driving responsible, sustainable, and inclusive adoption of the innovation that DLT and crypto-assets are bringing. Nexi is at the forefront in supporting a secure and easy transition to a better society, aiming at distributed inclusion and safeguarding both the interests of all private and public stakeholders and regulatory clarity.

Type
Chapter
Information
The Role of Distributed Ledger Technology in Banking
From Theory to Practice
, pp. 135 - 154
Publisher: Cambridge University Press
Print publication year: 2023

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References

Bank for International Settlement – IOSCO 2012. ‘Principle for financial market infrastructure’. Available online: www.bis.org/cpmi/publ/d101a.pdf.Google Scholar
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FATF 2012–2022. International standards on combating money laundering and the financing of terrorism and proliferation. FATF, Paris, France. Available online: www.fatf-gafi.org/recommendations.html.Google Scholar
Toast, A. 2022. ‘CBDC and DLT in debt capital markets: why the Banque de France’s French government bonds experiment was a significant step forward’. Clifford Chance. Available online: www.cliffordchance.com/insights/resources/blogs/talking-tech/en/articles/2022/02/cbdc-and-dlt-in-debt-capital-markets--why-the-banque-de-france-s.html.Google Scholar
Zeitchik, S. 2022. ‘Hackers hit popular video games, stealing more than $600 million in cryptocurrency’. The Washington Post, 29 March 2022. www.washingtonpost.com/technology/2022/03/29/axie-infinity-cryptocurrency-hack/Google Scholar

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