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New technologies are driving transformational changes in the global financial system. Virtual currencies (VCs) and the underlying distributed ledger systems are among these. VCs offer many potential benefits, but also considerable risks. VCs could raise efficiency and in the long run strengthen financial inclusion. At the same time, VCs could be potential vehicles for money laundering, terrorist financing, tax evasion and fraud. While risks to the conduct of monetary policy seem less likely to arise at this stage given the very small scale of VCs, risks to financial stability may eventually emerge as the new technologies become more widely used. National authorities have begun to address these challenges and will need to calibrate regulation in a manner that appropriately addresses the risks without stifling innovation. As experience is gained, international standards and best practices could be considered to provide guidance on the most appropriate regulatory responses in different fields, thereby promoting harmonization and cooperation across jurisdictions.
Banks and Banking --- Money and Monetary Policy --- Industries: Financial Services --- Criminology --- Financial Economics: General --- General Financial Markets: General (includes Measurement and Data) --- General Financial Markets: Government Policy and Regulation --- Financial Institutions and Services: General --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Financial Institutions and Services: Government Policy and Regulation --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Illegal Behavior and the Enforcement of Law --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- Monetary economics --- Distributed ledgers --- Banking --- Corporate crime --- white-collar crime --- Technology --- general issues --- Currencies --- Blockchain and DLT --- Virtual currencies --- Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Money --- Crime --- Blockchains --- Databases --- Financial services industry --- Technological innovations --- Banks and banking --- Money laundering --- United States --- General issues --- White-collar crime
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A new wave of technological innovations, often called “fintech,” is accelerating change in the financial sector. What impact might fintech have on financial services, and how should regulation respond? This paper sets out an economic framework for thinking through the channels by which fintech might provide solutions that respond to consumer needs for trust, security, privacy, and better services, change the competitive landscape, and affect regulation. It combines a broad discussion of trends across financial services with a focus on cross-border payments and especially the impact of distributed ledger technology. Overall, the paper finds that boundaries among different types of service providers are blurring; barriers to entry are changing; and improvements in cross-border payments are likely. It argues that regulatory authorities need to balance carefully efficiency and stability trade-offs in the face of rapid changes, and ensure that trust is maintained in an evolving financial system. It also highlights the importance of international cooperation.
Blockchain and DLT --- Blockchains --- Computer applications in industry & technology --- Databases --- Diffusion Processes --- Distributed ledgers --- Emerging technologies --- Financial Economics: General --- Financial Institutions and Services: General --- Financial Institutions and Services: Government Policy and Regulation --- Financial Instruments --- Financial services industry --- Fintech --- General Financial Markets: General (includes Measurement and Data) --- General Financial Markets: Government Policy and Regulation --- General issues --- Government and the Monetary System --- Industries: Financial Services --- Industries: Information Technololgy --- Information technology industries --- Innovation --- Institutional Investors --- Intellectual Property Rights: General --- Monetary Systems --- Non-bank Financial Institutions --- Payment Systems --- Pension Funds --- Regimes --- Research and Development --- Standards --- Technological Change --- Technological Change: Choices and Consequences --- Technological innovations --- Technology --- Virtual currencies --- United States
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