[BGIN-general] Paper on governance for blockchain based financial systems

Manoj Kumar Singh mksingh at rbi.org.in
Thu Jul 16 02:12:20 CDT 2020


Dear Yuta,


Proposal for creating a separate discussion group on crisis management seems to be perfectly in order. We would need to deep-dive into issues for crystallizing our policy response. The same can be incorporated in the overall governance framework. I would be looking forward to closely work on these issues.


Regards,


Manoj

________________________________
From: 高梨 佑太(TAKANASHI Yuta) <yuta.takanashi at fsa.go.jp>
Sent: Monday, July 13, 2020 10:47:58 AM
To: Manoj Kumar Singh; 'bgin-general at blockchain-discussions.org'
Subject: RE: Paper on governance for blockchain based financial systems

Dear Manoj,

Thank you for the e-mail below.
I would strongly agree that resolution is one of the important issues we should give careful considerations.
I guess we can develop some scenarios that could lead failure of the system including but not limited to business failures, technical failures, hacking incidents, and collapse of the governing bodies/ecosystem. Different scenarios would require us to prepare different measures to deal with. (For centralized systems, Libra's approach could be a good reference point but it may not be workable for more decentralized models. See. https://libra.org/en-US/white-paper/#the-economic-and-the-libra-reserve)

It may be good to start a discussion group with interested parties focusing on crisis management of decentralized financial system.
Is there any views on it?

Best,
Yuta
-----Original Message-----
From: Manoj Kumar Singh <mksingh at rbi.org.in>
Sent: Thursday, July 2, 2020 1:45 PM
To: 高梨 佑太(TAKANASHI Yuta) <yuta.takanashi at fsa.go.jp>; 'bgin-general at blockchain-discussions.org' <bgin-general at blockchain-discussions.org>
Subject: Re: Paper on governance for blockchain based financial systems

Dear All,


Thanks for sharing the paper.

Overall, the paper provides a good framework for discussion.

I have one small suggestion to make- while considering supervisory priorities, we should also consider including a suitable framework for resolution in case of business failure/bankruptcy of a blockchain network. For instance, our governance framework should be capable of handling the data/or value that might be lying within the network, in case the network goes bust.

We can keep this aspect as a part of future discussions.


Regards,


Manoj Singh

RBI, Mumbai



________________________________
From: BGIN-general <bgin-general-bounces at blockchain-discussions.org> on behalf of 高梨 佑太(TAKANASHI Yuta) <yuta.takanashi at fsa.go.jp>
Sent: Wednesday, July 1, 2020 10:28:27 AM
To: 'bgin-general at blockchain-discussions.org'
Subject: [BGIN-general] Paper on governance for blockchain based financial systems

Dear BGIN members,

I would like to share our paper discussing governance for blockchain based financial system published from Stanford Journal of Law and Policy. This paper discusses why multi-stakeholder governance matters for blockchain based financial system showing concerns for financial regulation and drawing lessons from the case of the Internet. The latter part of the paper provides some considerations on how we should implement the concept of multi-stakeholder governance.

Part 1 or 2: https://stanford-jblp.pubpub.org/pub/multistakeholder-comm-governance/release/1
Part 2 of 2: https://stanford-jblp.pubpub.org/pub/multistakeholder-comm-governance2/release/1

I hope it contributes to the discussion at BGIN.
If you have any questions, views and/or comments, please feel free to reach out to me though this mailing list or bilaterally.

Best,
Yuta

====
Yuta Takanashi
Director for International Digital Strategy Financial Services Agency, Japanese Government yuta.takanashi at fsa.go.jp

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