Philip R Lane, Governor of the Central Bank of Ireland wants to make sure internal working groups are focused on FINTECH innovation.
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.
"Drivers of change in the banking sector" - a pdf file
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Monetary System and Central Banks Have Devious Plans
Many individuals and pundits fail to recognize the single global monetary framework and often dismiss any evidence of the plan!
Maybe, due to their poor understanding of how currencies are created or how the monetary system is "reset".
They often ask: "Where is this global currency going to come from?"
The fact is, a single, global monetary framework already exists, and it is right under everyone's noses.
The SDR has been around for some decades, it was under-utilized (central banks used it) but now the SDR is a newer version and will be utilized not only by central banks but mega-corporations too. The central banks have announced their focus on the emerging markets for commercial growth and development funds and note the leadership role CHINA has agreed to in "emerging markets" and the globalization agenda...
All G-SIFIs (globally significant important financial institutions - aka club members within the protection racket) are implementing blockchain tech and FINTECH innovations into their operations, including Goldman Sachs who has a cryptocurrency patent.
I hope my posts have helped amplify the awareness that central banks are implementing blockchain/FINTECH innovations and new policies to protect their precious Empire (the worldwide monetary system).
They are addressing their legacy issues and promoting the digital economy.
Share and Remain alert...