According to WuSay, Umar Farooq, CEO of Onyx, a JPMorgan asset tokenization platform, said at the BIS Innovation Summit that public ledgers such as Ethereum or Bitcoin are not currently suitable for large transactions. Farooq believes that blockchain is not secure enough for high-value transactions between banks and financial institutions, and that somewhere needs to take some kind of responsibility when financial institutions conduct trusted transactions. The BIS is advocating for a unified ledger to connect CBDCs, digital assets, and tokenized bank deposits. Farooq believes that a unified ledger is necessary to process transactions worth millions or billions of dollars. Dante Disparte, chief strategy officer of Circle, said that the unified ledger almost completely ignores geopolitics.
