U.S. markets closed

Federal Reserve Chairman Comments Show Need for Triple-layer Consensus Says L3COS CEO Zurab Ashvil

LONDON, June 18, 2020 /PRNewswire/ -- On the 17 June 2020, Federal Reserve Chairman Jerome Powell, speaking before the House Financial Services Committee, said the idea of a blockchain-based version of the dollar is one that the Fed takes seriously.

Commenting on this, Dr Zurab Ashvil said, "We welcome the seriousness with which the Federal Reserve is looking at blockchain solutions for creating a Central Bank Digital Currency or digital dollar. We firmly believe that such a digital currency must uphold the sovereignty of the authority that it represents. What is needed is a blockchain consensus operating system that allows the three layers of governments, corporations and individuals to operate efficiently and securely in a digitalized economy that reflects the actual world we live in and governments must play a leading role in creating this system.

"A blockchain platform can be suitable when each sovereign has its own node, allowing their Governments to embed their laws and regulations into the currency and control issuance backed by sovereign bonds. Such a platform provides central authorities with the building blocks to develop their own digital currencies while benefiting from the strength of a global system, much like how a company like De la Rue prints currency but does not influence monetary policy."

Dr Zurab Ashvil created and founded, L3COS, the world's first regulated blockchain-based operating system for the future. "L3COS's unique three-layer consensus blockchain platform enables Sovereigns to digitalize transactions faster, more effectively, with greater transparency and stronger security. Our blockchain technology is immutable, fully auditable, traceable, and transparent, making fraud, money laundering or other black-market financing impossible, addressing the concerns the FED have with central bank digital currencies. The digitalisation of the economy is inevitable and the technology to enable it is now available for the first time."

About L3COS 

US based L3COS enables the digitalization of society's transactions, ensuring they are fast, safe, verifiable, regulated, transparent, efficient and legal. Using its unique triple layer consensus system, it enables Sovereigns to digitalize transactions faster, more effectively, with greater transparency and stronger security. Its blockchain technology is immutable, fully auditable, traceable, and transparent, making fraud, money laundering or other black-market financing impossible. L3COS brings the benefits of blockchain to the wider economy, corporations and individuals for the first time. 

About Dr Zurab Ashvil 

Since 2013, Dr Zurab Ashvil, in conjunction with over 1,200 developers from around the world, has been developing L3COS (Level 3 Consensus Operating System) the first blockchain based operating system that has been developed at sufficient scale and speed to meet the growing needs of central banks around the world. Zurab Ashvil is a serial tech entrepreneur who spent more than a decade at Softbank between 1995 and 2006, where he won awards from Microsoft, Dell and EMC. As early as 1998 he was advising on Distributed File Systems design for Windows 2000: the basis of the Cloud.