Six central banks from around the globe have received submissions from L3COS regarding their first to market regulated blockchain operating system. L3COS continues to push their triple layer consensus technology that would help Central Banks issue Central Bank Digital Currencies ( CBDC’s ) in a regulated and transparent fashion.
Submission To 6 Central Banks
In early June, it was reported that L3COS submitted a proposal to the Bank of England around the idea of helping the bank issue a regulated digital currency. This was in response to the Bank of England seeking outside feedback around the topic of CBDC opportunities and challenges. L3COS could source triple layer consensus technology that the bank could leverage when issuing/regulating a Central Bank Digital Currency ( CBDC ). It’s worth noting that L3COS believes they have the 1st operating system that would help banks and governments migrate into a digital economy. Following the submission to the Bank of England, it was recently reported that six other central banks have now received submissions from L3COS regarding the development of the “world’s first regulated blockchain-based operating system.”
Aside from the Bank of England, the other central banks now reviewing the submissions include:
- Bank of France
- Bank of Netherlands
- Bank of South Korea
- Bank of Thailand
- Bank of Canada
- European Central Bank
CEO of L3COS, Zurab Ashvil stated that:
“I am extremely pleased in the interest shown by central banks for L3COS. We truly believe that a regulated operating system is the only way forward for digital currency. Sovereign authorities cannot be subject to the established blockchain advocacy of anonymity, disorder, and non-compliance of the established blockchain network.”
Following this comment, Zurab Ashvil further stated that:
“We believe that L3COS’s unique triple-layer consensus technology is potentially transformative for digitalised economies, empowering governments for the first time to regulate digital economies while providing security and legitimacy to transactions.”
The Triple Layer Consensus Technology
The L3COS infrastructure gives sovereigns the ability to digitize transactions like never before. The blockchain operating system is fueled by triple layer consensus that ensures immutability, auditability, traceability, and transparency. In doing so, the company believes they can help central banks regulate digital currencies so that fraud, money laundering, and other black-market financing is virtually impossible. It’s also worth noting that the technology behind L3COS has been powered by 1,200+ developers working on the protocol. In addition to their operating system potentially helping banks roll out a CBDC, the company believes they can help governments in areas such as compliance, elections, benefit distributions, law enforcement, taxation, government borrowing, record keeping, and healthcare. In a previous report, the CEO of L3COS stated that:
“Blockchain is a tried and tested technology, with over 40% of S&P 500 companies using it to increase efficiencies and reduce costs. Now central banks and governments are looking at how this technology can work for them.”
Image Source: L3COS
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.
