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Decentralised finance innovation must spur central banks to update regulation

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Decentralised finance innovation must spur central banks to update regulation

Wednesday 21 July 2021Vol.12 Ed.29.3

Commentary: Harnessing decentralised finance innovation for the public good

By Kenneth Bok in Singapore

Cryptocurrencies have spurred innovation in the banking system, both in technology and by challenging incumbents. This could be their most valuable contribution to the public good. Bitcoin continues to be a successful proof of concept of a decentralised system that integrates into the digital economy. But, as the ECB warned, central banks that choose to ignore decentralised finance innovations do so at the risk of their own financial stability.

Read the full commentary on the website.

Meeting: Payment systems, digital currencies and reform in Israel

Wednesday 4 August, 14:00-15:00

With the expansion of fintech, non-traditional players have entered the payments market. Central banks have responded by exploring regulatory frameworks that can both manage risk and foster innovation. They are also developing their own new tools, such as central bank digital currencies. Oded Salomy, director of payment systems at the Bank of Israel, discusses the new regulatory landscape, the role of the central bank and how Israel is approaching digital currencies.

Register to attend here.

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