The establishment of the Central Bank was an element in these changes, and its activities were part of broader-based measures. From the outset, the Central Bank’s position was strong. It is remarkable that among us here today are a number of people who were important thinkers and agents of change at that time. Honoured guests: As I mentioned earlier, we are faced at present with the need to formulate future monetary and financial stability policies. The review of the Act on the Central Bank of Iceland will presumably be a part of that process. The Central Bank will participate actively in this work, but many others will be involved, and the Bank looks forward to collaborating with them. Ultimately, however, it is Parliament, and in some instances the people themselves, who have the last word. In closing, I would like to thank the Central Bank’s many collaborators for a successful cooperative relationship over the past year. I want no less to thank the employees of the Central Bank for their tireless efforts, for without their contribution, the Bank’s work would bear very little fruit. And in closing, I want to express my gratitude to the many individuals who have put their shoulders to the wheel at the Central Bank of Iceland over the past 50 years. It is a pleasure to see so many of you here today. BIS central bankers’ speeches  3
This year, with the help from the Law Society of Hong Kong, eminent law professors in the field, consultancy firms, and the Applied Science and Technology Research Institute, I am pleased to say we have compiled the DLT whitepaper 2.0 to provide advice on over 20 governance, control, legal and compliance issues identified in the first whitepaper. 16. While there have been lively discussions in the fintech community on the technology and application aspects of DLT over the past year, there has not been enough focus on the deployment and implementation issues gathered from practical and diverse proof-of-concept applications. There have been very few suggestions to address the governance, control, legal and compliance issues raised by DLT. 17. In our second whitepaper, we have confirmed the promising nature of DLT while acknowledging that DLT cannot be a universal solution for all financial applications. Experts taking part in our research have also confirmed that the issues identified in the first whitepaper are valid and that many of them would need new thinking to overcome. While the solution will depend on the precise application, the whitepaper has provided broad advice in areas such as the importance of governance structure and its implications on the level of control and liability acceptable to participants, how a hybrid model of DLT and traditional database may be used to resolve the immutability nature of DLT in the storage of personal data, the limits of smart contracts, and the need of adequate security and controls over the operating environment of DLT. 18.