Dinar Daily
Welcome to Dinar Daily Discussions.

Logging in with your USERNAME allows you to participate in discussions, see what has recently been posted, and other options. Guests can post but they do have limited abilities.

We are NOT a guru forum. We are a dinarian forum. The opinions expressed on the forum do not reflect the of opinion of Dinar Daily specifically, but rather reflect the views of the individual posters only.

Disclamer:

We are in compliance with, "Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use."


Get Daily Updates of the NEWS & GURUS in your EMAIL
CHECK YOUR EMAIL for VERIFICATION

Enter your email address:

Global central banks address ITC's technology challenge DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Buy and Sell

Global central banks address ITC's technology challenge

Go down

Global central banks address ITC's technology challenge Empty Global central banks address ITC's technology challenge

Post by RamblerNash on Mon Jul 01, 2019 11:18 am

Global central banks address ITC's technology challenge

Global central banks address ITC's technology challenge 15976

The BIS headquarters (to the right of the picture) is located in Paz. "Reuters"
 
01/07/2019

Economy News Baghdad

The Bank for International Settlements (BIS) agreed on Sunday to set up an innovation center in which central banks will work more closely together with rapid changes in financial technology and companies such as Facebook towards financial action.

The objective of the innovation center, which will have headquarters in Basel, Hong Kong and Singapore, is to improve the performance of the global financial system and to identify and develop technology visions that affect the work of central banks, the Bank of Settlements said.

The bank's statement did not mention Facebook's plan to enter payments and launch its encrypted currency Libra, but the move by the social networking giant helped crystallize a view among central bank officials of the need for coordinated regulatory responses to financial technology trends.

"The IT revolution knows no borders and therefore its effects are multiplied in multiple locations simultaneously," Jens Faidmann, chairman of the Bank for International Settlements, said in a statement after the decision to establish the center at a meeting of the bank's board.

He added that the center will help central banks "identify relevant general trends in technology, support these developments when consistent with their mandate, and update regulatory requirements commensurate with the goal of safeguarding financial stability."

The Bank for International Settlements (BIS), an umbrella of the world's central banks, has called on politicians to examine the penetration of the technology giant into the financial sector closely, raising issues such as data privacy, competition, markets and banking.

Details of the new center are still limited, and the BIS said it could not give details on levels of investment or employment.

The Swiss National Bank, the Hong Kong Monetary Authority and the Singapore Monetary Authority have shown their support for the initiative.

Swiss National Bank President Thomas Jordaan said the central bank would boost its efforts to examine new financial technologies.

"The Swiss National Bank (SNB) is already closely following technological innovation in the financial field and is working diligently within the central bank community to identify early and assess relevant developments," Jordan said.

http://economy-news.net/content.php?id=17082
RamblerNash
RamblerNash
GURU HUNTER
GURU HUNTER

Posts : 17176
Join date : 2015-02-19

Back to top Go down

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum