FCA Speech: Andrew Bailey on innovations in payments -Reinventing the Wheel

Industry News | 03/09/20

The Bank of England (BoE) has published a speech, ‘Reinventing the Wheel (with more automation)’, delivered by its Governor, Andrew Bailey, at the Brookings Institution virtual event. Mr Bailey addresses innovation in payments, the distinction between ‘money’ and ‘cash’, crypto-assets and e-money, so-called stablecoins, and Central Bank Digital Currencies. He goes on to discuss the regulatory and public policy issues raised by digital currencies, including the importance of setting standards early in the innovation process to encourage public confidence, and the question of who should bear responsibility for the integrity and security of the digital payments architecture.