One system at a time: the problem an institution has, how the system answers it step by step, and what it means for the business. Each piece discloses any relationship I have with the vendor.
The travel rule for virtual asset transfers
Exchanges in India, Singapore and Hong Kong must pass the sender's and receiver's identity along with a crypto transfer. How do they do it when a blockchain records only addresses and amounts?
India, Singapore, Hong Kong
Retail central bank digital currency alongside a fast-payment system
India's Unified Payments Interface already moves money instantly at no cost to users. What does the retail e-rupee do that UPI cannot, and is that enough to draw users?
India
Legal and technical settlement finality on shared ledgers
A payment system has a legal moment after which a transfer cannot be undone. On a shared ledger, when is that moment, and who defines it?
Hong Kong, Singapore, India
Tokenised bank deposits and reserve-backed stablecoins as settlement assets
A bank can put its deposits on a ledger, or a licensed issuer can issue a stablecoin backed by reserves. For the holder, the bank and the regulator, what differs?
Hong Kong, Singapore
Tokenised corporate bonds on a depository ledger, settled in wholesale CBDC
India's bonds have been electronic in depositories since 1996. What does issuing them as tokens on a depository-owned ledger add, and what does it leave unchanged?
India
Permissioned tokens on public blockchains: holder whitelists and issuer controls in the token contract
Banks and fund managers in Singapore and Hong Kong issue tokens on Ethereum but limit who can hold them. What does a permissioned token on a public chain give them that a private ledger does not, and what risk remains?
Singapore, Hong Kong