The Bank of England says that it will not stifle fintech development as it attempts to lay down regulations for the rapidly-growing sector.
The central bank’s chief cashier Victoria Cleland said that devising a regulatory approach to fintech and the impact its having on the existing financial landscape is a key priority for the bank this year.
The uptake of new digital services is growing rapidly in the UK with the alternative financing market alone reaching $5bn last year.
The Bank of England said that it is trying to get to grips and understand where the need for regulation comes in.
The Financial Stability Board, a global watchdog chaired by BoE Governor Mark Carney, is also exploring blockchain and whether its use in financial transactions could undermine existing systems and require new rules.
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