Irish central bank governor: block chain is a “major policy challenge”

nnnThe Irish central bank governor said that emerging technologies such as block chains were a major policy challenge. Moreover, the Irish central bank governor also said the central bank has begun to establish a focus on financial and technological innovation of the internal working group. But these challenges and risks do not stop the Irish private sector from testing the technology.n
nnTranslation: Clovern
nAccording to the Irish central bank governor, emerging technologies such as block chains are a major policy challenge.n
nIn a recent release at the end of May, Irish central bank governor Philip Lane said the central bank has embarked on an internal working group focused on financial and technological innovation. Other central banks have taken this approach to researching the use of technologies such as block chains to potentially enhance or replace some of their infrastructure.n
nLane said in an event sponsored by the Irish Banking and Payment Alliance that we put aside the opportunity for the time being, and that technology also brought some problems.n
nHe went on to say:n
nn”The new innovations in the market industry, such as distributed categorized books and encrypted currency, may bring significant policy challenges due to their complexity and novelty.Finally, we note that many financial and technological start-ups have limited regulatory expertise , Which may pose a policy challenge to convey the scope and requirements of the licensing system and the role of the central bank. “n
nnHowever, these perceived risks did not prevent the Irish private sector from testing the technology.n
nLast April, Irish bank, one of Ireland’s “Big Four” banks, said it was working with Deloitte to study the prototype of trade reports, and Dublin became the center of its cooperation with the chain.n
nJust recently, a major member of the Irish Fund Manager team worked together to carry out its own block chain test, and explored the technology as a data reporting tool.n

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