LBO: Financial innovation firm R3 has invited Sri Lanka’s Central Bank to join their collaborative initiative to design a distributed ledger based on blockchain technology.
R3, a consortium with over 80 of the world’s leading financial institutions and regulators, currently work together with their partner institutions on research, experimentation, design and engineering of an advanced distributed ledger technology.
Banks around the world are now researching on blockchain as a technology to use in areas such as trade finance and mortgages with a view to cut costs. Niki Ariyasinghe, Project Strategy Director at R3 told LBO that they will like to run projects and undertake research collaboration between the Central Banks.
“For example the Monetary Authority of Singapore and the Hong Kong Monetary Authority are regulatory members, so we work with them on projects,”Ariyasinghe said.
“The meeting with Sri Lanka’s Central Bank was about developments in blockchain technology, what R3 is doing and we also extended an invitation to the Central Bank if they would like to join.”
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