BlockNews
FOLLOW ON X
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

Financial Stability Board Identifies Blockchain as a Solution to Data Localization

BlockNews Team by BlockNews Team
September 25, 2023
in CRYPTO, FEATURED, FINANCE
Reading Time: 2 mins read
1
SHARES
15
VIEWS
Share on XShare in TelegramShare on Reddit
  • Stakeholder consultations reveal that blockchain can help mitigate problems arising from data localization.
  • Trends in data localization are problematic to cross-border payments because financial institutions are prevented from pooling data from multiple sources, and operational risks are increased.

The Financial Stability Board (FSB) has released its Stocktake of international data standards relevant to cross-border payments report, where several friction points are identified that impede fast, transparent, and secure cross-border money transfers.

The FSB holds that scaling large data frameworks to ensure compliance with laws and fluidity between intermediary Payment Service Providers who facilitate cross-border transactions is challenging with so many merging markets.

One such impediment identified was that of data localization. Data localization refers to the mandatory data storage and processing within a defined geographic area, typically a specific country or region. This requirement is enforced to maintain physical control over the data, ensuring it remains within the designated location for data privacy, security, and regulatory access. The FSB holds that data localization can:

  • Increase cyber and operational risks.
  • Prevent financial institutions from pooling sources from different sources.
  • Prevent financial institutions from complying with cross-border regulatory requirements.
  • Increase fixed and variable costs to deliver payments.

The FSB’s report found that trends of data localization are increasing, and the legislator consulted with stakeholders on this report to see what solutions could be presented. Stakeholders noted that rising ledger technologies could help establish mitigations against harmful data localization trends. Blockchain “would have the potential to support the sharing of information across jurisdictions in a secure and privacy-friendly manner.”

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BlockchainFSB
TweetShareShare
BlockNews Team

BlockNews Team

DON'T MISS THESE! HOT OFF THE PRESS

What is Filecoin? A Full Review of FIL and its Huge Potential in 2025
CRYPTO

What is Filecoin? A Full Review of FIL and its Huge Potential in 2025

September 18, 2025
What Happened in Crypto Today? – September 18: Huge Altcoin News Going Into Q4
CHAINLINK

What Happened in Crypto Today? – September 18: Huge Altcoin News Going Into Q4

September 18, 2025
What Every Crypto Beginner Needs to Know Before Buying Their First Bitcoin
CRYPTO

What Every Crypto Beginner Needs to Know Before Buying Their First Bitcoin

September 18, 2025
First Ever U.S. Based Dogecoin ETF Launch Breaks Volume Records: What You Need to Expect Next
CRYPTO

First Ever U.S. Based Dogecoin ETF Launch Breaks Volume Records: What You Need to Expect Next

September 18, 2025
REX-Ospery XRP ETF Launch Breaks Records: First of Its Kind ETF Paving the Way for More Crypto ETFs
CRYPTO

REX-Ospery XRP ETF Launch Breaks Records: First of Its Kind ETF Paving the Way for More Crypto ETFs

September 18, 2025
FTX FTT Token Rallies 50% Following Strange Activity from SBF X Account
CRYPTO

FTX FTT Token Rallies 50% Following Strange Activity from SBF X Account

September 18, 2025
Load More

Related News

What is Filecoin? A Full Review of FIL and its Huge Potential in 2025

What is Filecoin? A Full Review of FIL and its Huge Potential in 2025

September 18, 2025
What Happened in Crypto Today? – September 18: Huge Altcoin News Going Into Q4

What Happened in Crypto Today? – September 18: Huge Altcoin News Going Into Q4

September 18, 2025
What Every Crypto Beginner Needs to Know Before Buying Their First Bitcoin

What Every Crypto Beginner Needs to Know Before Buying Their First Bitcoin

September 18, 2025
First Ever U.S. Based Dogecoin ETF Launch Breaks Volume Records: What You Need to Expect Next

First Ever U.S. Based Dogecoin ETF Launch Breaks Volume Records: What You Need to Expect Next

September 18, 2025
REX-Ospery XRP ETF Launch Breaks Records: First of Its Kind ETF Paving the Way for More Crypto ETFs

REX-Ospery XRP ETF Launch Breaks Records: First of Its Kind ETF Paving the Way for More Crypto ETFs

September 18, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews is your premier source for real-time cryptocurrency, blockchain, political and financial market news.

Stay ahead of the herd with BlockNews

RESOURCES

  • About Us
  • Contact Us
  • Editorial Policies
  • Terms and Conditions
  • Privacy Policy
  • Sitemap

DISCLOSURES AND POLICIES

BlockNews provides independent reporting on crypto, blockchain, and digital finance. Content is for informational purposes only and does not constitute financial advice. Sponsored material is always disclosed. By using this site, you agree to our Terms and Conditions and Privacy Policy.

© 2025 BlockNews

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • LITECOIN
    • CHAINLINK
    • SUI
  • MEMECOINS
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2025 BlockNews