Central banks receive submissions for regulated digital currency operating system. Six central banks have received submissions to create the world’s first controlled blockchain-based operating system.
Central banks are studying the application of regulated blockchain technology as they seek to provide quick, safe and transparent means of payment as well as administrative efficiencies for their institutions.
In addition to the work the Bank of England is undertaking on digital currency, the Bank of France, Bank of the Netherlands, Bank of South Korea, Bank of Thailand, Bank of Canada, and the European Central Bank are all assessing the opportunities and challenges presented by CBDC (Central Bank Digital Currency) and have received submissions from L3COS, the only known blockchain platform for the regulated digitalization of economies.
The L3COS submissions are in response to requests for proposals from central banks as they push forward with their work on digital currency.
L3COS has developed unique triple-layer consensus technology and is the first blockchain platform in the world to offer individual authorities the opportunity to regulate digital economies in a verifiable and legal manner. It upholds the autonomy and sovereignty of individual authorities in a regulated and legally compliant form while being immutable, fully auditable, traceable, and transparent, making fraud, money laundering or other black-market financing impossible.
[image: Pixabay]
