Bank of International Settlements Releases New Report on Fintech

The Bank of International Settlements released a new report on fintech, tokenized securities, central bank digital currencies, cross-border payments and p2p platforms; the report identified a few key trends, one of which is that policy makers need to look into new forms of payment platforms; according to Crowdfund Insider Agustín Carstens, General Manager at BIS, pointed out that “the most transformative option for improving payments is a P2P arrangement that links payers and payees directly and minimises the number of intermediaries.”; the report also discussed the legal questions around the use of blockchain based systems and the need for clarity on security tokens; central bank digital currencies or CBDC’s are also a big topic for discussion amongst central banks and whether or not they are needed; Carstens remarked: “A key question informing the BIS Innovation Hub’s work is whether money itself needs to be reinvented for a changing environment, or whether the emphasis should be on improving the way it is provided and used.” Crowdfund Insider

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