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Dear Steve In the UK Regulated Liability Network are looking at the feasibility to having a distributed ledger or as they like to call it a shared ledger whereby they are able to swap their liabilities potentially in a tokenized format. As for stablecoins I believe we will see the rise of Digital Bank accounts whereby potentially why not have £1 or $1 or €1 in your current/checking account NOT earning interest and the balance of your monies in an interest bearing (savings) account. If you send money in the jurisdiction where you live you use fiat with a smart contract before you buy something you have the money in your savings account. If you are abroad and spend money the transaction is paid for using your digitized money. Interest can be generated on your savings account in theory in two ways. Either the bank invests in low risk short term dated money market type securities professional managed by experts in treasury management so your digital accounts is backed securely by ring fenced assets. Alternatively your digital account operates like a traditional savings account and your money is backed by the bank's balance sheet and they are at liberty to hypothecate your money making loans etc and the bank shares in the profit it makes/pays interest. In both cases your saving are digitized and can be used when appropriate to make programable payments. In theory much of the above could be conducted by FinTechs NOT banks and even by global corporates (provided they have a strong balance sheet/can be trusted). Your thoughts would be welcome Jonny

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