Creating trust in money in a data economy
NDB’s compliance chief speaks about new approaches to regulation
Central banks and supervisors need to adopt new approaches to oversight to ensure the public’s future trust in money, as the monetary system transitions towards data and away from finance, says Srinivas Yanamandra, chief of compliance at China’s New Development Bank.
This involves establishing what Yanamandra terms “fintecgrity” in core data-economy areas such as digital currencies, distributed ledgers and deep-learning algorithms.
“Fintecgrity” involves regulators ensuring technology
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