This is an abridged version of a much longer paper published as BIS Papers No. 124, May 2022. The views expressed in this paper are those of the authors and do not necessarily reflect the views of the BIS. We are
indebted to Rahul Matthan for close collaboration on data governance issues that has imprinted this paper. We thank Agustí n Carstens and Nandan Nilekani for discussions on these (and related) issues over the years. We are grateful to Sanjay Jain, Saurabh Panjwani, Vamsi Madhav, B G Mahesh, Pramod Varma, Raphael Auer, Stijn Claessens, Jon Frost and Hyun Song Shin as well as participants at a BIS seminar for their comments. Several conversations with Derryl D’Silva are also acknowledged. Shreya Ramann and Jenny Hung provided excellent support. All errors are ours.