During an interview with CoinDesk, R3 CEO announced broader plans to build a network of global regulators he called RegNet. The RegNet participants would meet in parallel with the banking membership. R3 chief council and RegNet lead has already consulted “over 100” financial regulators around the world to see what their view on blockchain technology is.
R3 went on to explain how creating “regulatory nodes” powered by artificial intelligence will make it easier for regulators to track down illegal activity in the “reams” of date they will receive.
This decision to include regulators within the consortium members came as, despite the fact that distributed ledger technology has been touted for its potential to facilitate more efficient global transactions, the transparency it can provide wont be fully empowered until regulators learn how to access the data in near-real time.
The Illinois Department of Financial and Professional Regulation became the latest regulator to be granted a free membership to the consortium, following regulators from Canada, Hong Kong, Singapore and the UK.
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