The Bank of England’s One Bank Research Agenda – digital currencies, and crowdfunding


Financial Services – Regulation & Risk

The Bank of England has published a One Bank Research Agenda Discussion Document. The aim is to open up the Bank’s research agenda, so that it can learn from external contributors, and “crowd-source solutions to key policy questions“. The Agenda has five themes, including: “Theme 5: Central bank response to fundamental technological, institutional, societal and environmental change” – a theme which “takes a longer-run perspective, raising questions around how fundamental change might affect central banking over a longer horizon’.

The Bank’s introduction to Theme 5 acknowledges that “Digital currencies … may reshape the mechanisms for making secure payments, allowing transactions to be made directly between participants. This has potentially profound implications for a financial system whose payments mechanism depends on bank deposits that need to be created through credit. Similarly, technology has enabled the emergence of new business models, such as peer-to-peer lending and crowdfunding, which create alternative…

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