Financial stability committee: block chain may raise cross-border data problems (full report download)

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nThe Financial Stability Board has published a wide range of reports, analyzed the block chain technology, listed the potential issues that regulators should be concerned about, and called for stronger cooperation between countries.n
nnTranslation: Sun Liwan
nAn international organization of regulators and government officials has issued a wide-ranging report on financial technology, including block chains. The organization was established at the beginning of the 2008 economic crisis.n
nConcerned about the WeChat public “block chain pencil Blockchain”, reply to the keyword “FSB1706”, you can view the full report of this report.n
nThe report came from the Financial Stability Board for several months. Initially, it was announced in February 2016 to study the block chain and its impact on the global financial system. The committee consists of the central bank governor, the G20 financial regulator, its predecessor, the Financial Stability Forum, and the European Commission.n
nAlthough the study shows that “there is no noticeable financial stability risk in emerging financial technology”, it also outlines the potential issues that 10 regulators should focus on. In the block-chain environment, the Financial Stability Board’s report identifies the technical cross-border nature and the impact of legal contracts on legal uncertainties.n
nThe author points out:n
nnFor example, the block chain has raised questions about the privacy of data across jurisdictions, and when there is no bank or entity as the custodian of the record, the property is determined Position of the problem. “n
nnEven so, the report also provides an in-depth analysis of potential contributors to financial stability caused by block chains, including improved technology-driven financial services.n
n”Innovations such as digital identity and applications based on distributed books can improve quality, accessibility, and financial services for end users,” the authors write.n
nFinally, the report itself does not require specific policy recommendations in terms of regulation. It has joined forces with other international agencies to call for greater cooperation between countries.n
nThe Financial Stability Board has speculated that this approach “will be very important to mitigate decentralization or disagreement in the regulatory framework.”n

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