Digital money and central banks

Monetary policy, regulatory and financial stability focus needed to stay relevant

Digitalisation is having a profound impact on the financial landscape. There are many dimensions to this change, but the underlying seismic shift is in the ability to collect and exploit information embedded in data on customers and their behaviour. As a result, the comparative advantage that incumbent financial institutions have had in extracting rents from informational asymmetries is being eroded.

Nimble operators, some unregulated and entirely outside the financial sector, are better placed

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