As a consequence of our first hands-on experience with this technology, some questions which are still unanswered were raised during the process: a. How could this primary market be integrated with the secondary market? Could this same model be useful? b. There is the need for further analysis of our legal framework and identify possible gaps (the PoC scope only has a high-level legal analysis). c. When will this technology be mature enough to be considered as an alternative for critical systems? Now, I will narrow the topic of blockchain to Central Bank Digital Currencies (CBDC), which is the focus of our panel, and talk about the motivations, benefits and concerns. To begin with, it is important to understand that CBDCs are not new, and Central Banks have been issuing CBDCs since the first RTGS systems were around. These are the commercial banks’ reserves held in the RTGS systems. Even though this form of CBDC is not blockchain based, it is important to mention that the CBDC concept is not a novelty. Page 5 of 11  Central Bank of Chile September 2019  That being said, the central banks need to have a clear motivation to issue a CBDC. These motivations will be different and therefore the CBDCs will be different in their design, benefits and concerns. One way of categorizing CBDCs is by their access: general purpose, or retail, and wholesale.
The use of common business resources to resolve problems in supplying electricity, water and sanitation, and local roads, should be regarded as an effective option of overcoming these problems. Creating differentiated and specialized development areas will open more opportunities to them to benefit from scale economies and common solution of problems. Also, computer and telecommunication infrastructure are sectors, which can and should be addressed more efficiently by the private sector. BIS Review 158/2009  5  Business administration and transparency Though I addressed some problems even earlier in my speech, now I would like to dwell briefly upon the problem of administration and corporate transparency enhancement. Corporate administration is the linking bridge between ideas and results. It affects funds usage efficiency and differentiates profitable from non-profitable businesses. In light of this, I think that the above-mentioned issues, the extended time span of investments, their support in market researches and prudent business-plans, the orientation of businesses’ positioning in national, regional and global context, the increase in specialization and professionalization, the fostering of cooperation with the financial system, require ongoing investments in terms of your management. Finally, I think that transparency of your businesses is an aspect that deserves a greater attention. Its enhancement would help first of all the trading and financial transactions among businesses, fostering confidence and decreasing their risk. Also, the long-term and ongoing relation with the financial system is conditioned by reciprocal transparency between parties.