Bank of England concerned about supervision of new payment technologies

02/27/2023 10:55 • Crypto & Markets • 99 views

It is reported that Ben Broadbent, the deputy governor of the Bank of England in charge of monetary policy, said that the Bank of England is most concerned about the supervision of new payment technologies. So far, the experience of digitalization is that new products and services promoted by new technologies can be adopted on a large scale very quickly, which clearly brings opportunities for financial institutions, enterprises and individuals. We hope to see continuous improvement and reduce the friction and cost of payment.

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Interpretation of the news:

Ben Broadbent, the deputy governor of the Bank of England who is in charge of monetary policy, recently said that the Bank of England is most concerned about the supervision of new payment technologies. This is an indication that the central bank is closely monitoring the developments in the payments industry, keeping an eye out for any risks and opportunities that may arise.

According to Broadbent, the experience of digitalization has shown that new products and services promoted by new technologies can be adopted on a large scale very quickly, presenting clear opportunities for financial institutions, enterprises, and individuals. This is good news for the payments industry, which has been rapidly advancing in recent years, with the emergence of digital wallet services, mobile payments, and blockchain-based solutions.

However, with the rapid pace of innovation also comes the risk of fraud, data breaches, and other security threats. The Bank of England is therefore keen to ensure that the adoption of new payment technologies is done in a safe and secure manner, with appropriate safeguards and regulatory oversight in place to protect consumers and businesses alike.

Broadbent’s comments signal the central bank’s commitment to promoting innovation and improving the efficiency of the payments system, while also ensuring that risks are properly managed. This is in line with the Bank of England’s broader strategy of promoting financial stability and fostering the growth of the UK economy.

In light of these developments, it is clear that the payments industry will continue to evolve rapidly, with new technologies and solutions emerging on a regular basis. To stay ahead of the curve, businesses and individuals will need to remain vigilant and stay up to date with the latest developments, while also taking steps to protect themselves from potential risks and threats.

Overall, the Bank of England’s focus on the supervision of new payment technologies is a positive development for the industry, and should help to ensure that the payment landscape remains safe, secure, and efficient for all participants.

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