First, while acknowledging that much has been done, further steps are needed to resolve the continued legacy issues remaining from the crisis period. Second, banks face an evolving macro-financial environment, including shifts in the international regulatory architecture and substantial uncertainty about the future paths for the domestic and international economies. Third, financial innovation is already disrupting the sector and poses both opportunities and risks over the coming years. Philip R Lane, Governor of the Central Bank of Ireland spoke in Dublin, 23 May 2017.
The governor of the Central Bank of Ireland went on to say, blockchain tech and the associated "novel innovations" may present the largest policy challenges given their complexity and novelty.
In other words, he is noting the challenges to central banks' role and "authorisation regime".
This smacks of enforcement and the influence over governments, yes?
Thus, legislatures approving new policies and their regulatory enforcement becomes key for central banks.
I encourage you to download the Bank For International Settlements (BIS) documented speech and understand how central banks are strategizing the "Central bank digital currency" (CBDC) for the emerging digital economy.
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