#payments system is the foundation of the global financial system, says Ross Lecow, Senior Advisor of Department of Fintech, Strategy and Law in the Bank for International Settlements Innovation Hub in #Bundsummit
Problems with domestic/cross-border payments remain unresolved: 1. Financial exclusion remains in some developing countries and emerging markets 2. Cross-border payments are slow, opaque and expensive.
#Stablecoin initiatives are a private sector response to these problems.
Public sector leadership is critical, whilest International cooperation amongst #centralbanks is key.
Fixing the global payments system will require a multi-faceted approach: #digitalcurrencies are one possible approach, other technologies are needed to strengthen supervision and compliance.
A strong legal framework is critical: to support regulation (e.g., AML/CFT, consumer protection, market conduct) and to enhance legal certainty in private transactions.
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