Three plans for digital payments: India, UK, and BIS
Das, Bailey, and Carstens discuss complementary tech, commercial bank innovation, and common platforms
Central bankers took different views about the best approach to digitising payments in remarks at a Group of 30 meeting on October 26.
The central bank should be forward in providing complementary digital payments technology to the public, argued Shaktikanta Das, governor of the Reserve Bank of India (RBI).
By contrast, Andrew Bailey, governor of the Bank of England (BoE), said commercial banks tend be the best innovators, but they may choose not to in the hope of extracting rent – in which case
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Payments
Bank Indonesia completes wholesale CBDC proof of concept
Experiments show two DLT-based platforms are capable of serving as a ledger
RBA official: industry needs ‘common vision’ for fast payments
Assistant governor says transaction costs and end users’ requirements need to be addressed
BSP completes wholesale CBDC proof-of-concept tests
Central bank names off-hours interbank payments as potential use case
Norway joins Target instant payments system
Country becomes first non-EU member to settle payments in Tips
Sweden should modernise retail payments – Riksbank study
Clearing infrastructure needs update and card settlement warrants reform, researchers say
Central Bank of Ireland launches scam awareness campaign
Investment, loan and phishing fraud remain most common
RBA to run trials on tokenised asset settlement
Bank invites industry proposals on ways of settling transactions using digital money
Central bankers weigh up prospects for Project Nexus
Policy-makers from Asean states, India and EU discuss goals for multilateral cross-border payments link