{"id":5732,"date":"2020-09-04T09:20:35","date_gmt":"2020-09-04T09:20:35","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=5732"},"modified":"2020-09-22T11:23:55","modified_gmt":"2020-09-22T11:23:55","slug":"bank-of-england-warns-of-money-wild-west","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2020\/09\/04\/bank-of-england-warns-of-money-wild-west\/","title":{"rendered":"Bank of England warns of money Wild West"},"content":{"rendered":"

Post-Wirecard, the Bank of England has warned it will impose more stringent regulation on the payments sector in order to ensure the safety of the broader financial system.<\/p>\n

And, it says, a failure to act could lead to a new \u2018Wild West\u2019 era in digital money.<\/p>\n

In a speech given remotely to the Brookings Institution, Bank of England governor Andrew Bailey said yesterday that supervisors needed to look beyond technological innovations when regulating digital money.<\/p>\n

\u201cPayments regulation should reflect the financial stability risk\u201d<\/p><\/blockquote>\n

\u201cPayments regulation should reflect the financial stability risk, rather than the legal or technological form, of payment activities,\u201d Bailey said.<\/p>\n

\u201cFirms that are systemically important should be subject to standards of operational and financial resilience that reflect the risks they pose, with sufficient data available to monitor emerging risks. These may sound like common sense points, but innovation is increasingly challenging regulators\u2019 ability to ensure they are met.\u201d<\/p>\n

Regulators\u2019 scrutiny of the digital money business has intensified since the dramatic June insolvency of German payments firm Wirecard<\/a>.<\/p>\n

The collapse of Wirecard, once valued at twice the market capitalisation of Germany\u2019s largest bank, led to a chain reaction, causing users of dozens of pre-paid debit card services to lose access to their money<\/a> for several days.<\/p>\n

The situation was only rectified after the UK\u2019s Financial Conduct Authority intervened<\/a> to allow a UK-based Wirecard subsidiary to continue trading.<\/p>\n

In his speech, Bailey said regulators needed to explain to clients of electronic money (e-money) and payment services firms, such as the debit card issuers caught up in the Wirecard collapse, that their money was less secure than that held in a bank.<\/p>\n

\u00a0the e-money safeguarding system has not yet been properly stress-tested<\/p><\/blockquote>\n

According to Bailey, e-money is not state-backed money in the same way as the deposits we hold in a commercial bank. And, he suggested, the money held at e-money firms should be seen as less safe as a result.<\/p>\n

State-guaranteed deposit insurance\u2014available for depositors in UK banks\u2014covers the first \u00a385,000 of losses at an insolvent institution.<\/p>\n

Under the safeguarding regime, which carries no equivalent insurance, e-money and payments firms are simply supposed to keep client money separate from their own funds.<\/p>\n

In a clear warning to payments firms, which constitute the fastest-growing segment of the UK\u2019s fintech sector, Bailey said that the e-money safeguarding system has not yet been properly stress-tested and that clients may be unaware of the risks to which they are exposing themselves.<\/p>\n

\u201cWe must ensure that users fully understand the difference in protection [between e-money and deposits held at a UK commercial bank], and I suspect at the moment that is not widely the case,\u201d Bailey said.<\/p>\n

\u201cThe standards are less developed than those for banks, there is no depositor protection scheme, and firms are subject to only limited capital and liquidity requirements. Finally, there is no resolution or administration regime.\u201d<\/p>\n

This could put clients\u2019 money at risk, Bailey made clear.<\/p>\n

\u201cIf [a] firm failed, holders of its \u2018money\u2019 would be forced to pursue any recovery through a corporate insolvency procedure, which would neither be quick nor guarantee their funds back,\u201d he said.<\/p>\n

In his speech, Bailey defended the current monetary set-up, where a central bank supplies state currency through the banking system.<\/p>\n

\u201cStablecoins could offer some useful benefits\u201d<\/p><\/blockquote>\n

He contrasted it with a potential monetary future involving stablecoins<\/a>.<\/p>\n

Stablecoins are digital assets backed one-to-one by assets denominated in fiat currency, and are better suited than traditional money for use on the internet and in mobile apps.<\/p>\n

Last year, internet giant Facebook said it wanted to introduce a new stablecoin called Libra<\/a>, for use across the firm\u2019s three huge messaging networks, WhatsApp, Instagram and Messenger.<\/p>\n

Facebook\u2019s payment initiatives have so far been blocked by regulators<\/a>.<\/p>\n

In his Brookings speech, the Bank of England governor said stablecoins must have equivalent standards to those in place for other payment types and forms of money.<\/p>\n

\u201cStablecoins could offer some useful benefits,\u201d said Bailey.<\/p>\n

\u201cFor example, they could further reduce frictions in payments, by potentially increasing the speed and lowering the cost of payments,\u201d he said.<\/p>\n

Stablecoins may offer increased convenience, including via integration with other technology, such as social media platforms or retail services.\u201d<\/p>\n

\u201cIt is these protections that prevent a return to the literal wild-west\u201d<\/p><\/blockquote>\n

However, Bailey said, stablecoins would have to play by the rules of the conventional financial system, run by central banks.<\/p>\n

Payment protections offered by governments and central banks are key in ensuring that consumers\u2019 money will work as intended, Bailey said.<\/p>\n

\u201cIt is this assurance that stabilises the value of the transfer asset so that all parties in the economy can rely on it,\u201d Bailey said.<\/p>\n

If central control is not maintained, Bailey said, we risk a return to the 19th <\/sup>century \u2018free banking\u2019 era.<\/p>\n

Under the free banking system of the pre-Civil War US, notes issued by different banks traded at different discounts to their par (face) value.<\/p>\n

\u201cIt is these protections that mean that individual shop owners don\u2019t worry about scrutinising which bank issued your debit card before you tap it to pay,\u201d Bailey said.<\/p>\n

\u201cIt is these protections that prevent a return to the literal wild-west in which individual banks issued their own private currencies, which were worth different amounts depending on recipient\u2019s assessment of the soundness of the issuing bank.\u201d<\/p>\n

Sign up here<\/a> for our monthly newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Post-Wirecard, the Bank of England has warned it will impose more stringent regulation on the payments sector in order to ensure the safety of the broader financial system. And, it […]<\/p>\n","protected":false},"author":4,"featured_media":5734,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1013,1059,1014],"tags":[1687,1224,1055,1471,1835,1785],"class_list":{"0":"post-5732","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-account","8":"category-new-money-review-staff","9":"category-payment","10":"tag-andrew-bailey","11":"tag-bank-of-england","12":"tag-facebook","13":"tag-libra","14":"tag-stablecoins","15":"tag-wirecard"},"yoast_head":"\nBank of England warns of money Wild West - New Money Review<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmoneyreview.com\/index.php\/2020\/09\/04\/bank-of-england-warns-of-money-wild-west\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank of England warns of money Wild West - New Money Review\" \/>\n<meta property=\"og:description\" content=\"Post-Wirecard, the Bank of England has warned it will impose more stringent regulation on the payments sector in order to ensure the safety of the broader financial system. 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