The JDB Report is diving deep into questions of digital identity and embedding standards across new ecosystems for financial services. Read our article on digital ID in stablecoins here. And watch our related video with Joshua Kroeker, CEO of Mitigram, on digital ID in trade finance.
Urszula McCormack is partner at King & Wood Mallesons. She is based in Australia but advises governments, fintechs, and banks around the world on issues pertaining to cross-border finance and technology. She is a recent contributor to Control and Ownership of Digital Assets (edited by Eggen, Jeng and Omlor), and has been named a ‘top legal innovator’ by the Financial Times.
Timecodes
0:00 - Urszula McCormack, KWM
3:06 - Digital ID’s role for institutions and ecosystems seeking integrity, and how innovation is changing these roles in payments and financial services
6:23 - Is blockchain infrastructure compatible with centralized or government-issued IDs?
9:19 - Use of Zero-Knowledge Proofs and other cryptographic tools in real life, and how governments and companies are thinking about data, sources of truth, and liabilities
11:26 - Privacy versus transparency and improving privacy models to make them deployable
13:13 - Prospects for embedding virtual ID into programmable money and the proliferation of customizable tools and smart contracts – and the limits of credentials
15:51 - AML reforms in digital assets, conduct rules, stablecoins and lifecycle controls on tokens – to what degree regulation is covering DeFi actors and infrastructure – rules for using specific identities
19:54 - Bank skepticism toward individual identifiers, portability of credentials, challenges of ID utilities, commercial considerations, and the future of wallets of verifiable credentials
22:30 - Impetus for change: regulators, banks, tech companies - and what areas of cross-border commerce will be early users of embedded digital IDs
