In December, the Bank of England (BoE) said it plans to increase the pace of talks to establish regulations on the world’s newest assets. Susskind is not the only official considering ways to regulate new innovations. For more: Bank of England to Ramp Up Talks on Crypto Rules
The proposal comes as attorneys express concern that England’s 365,000-person legal sector could lose clients to rival institutes in Dubai and Singapore if legislation fails to keep up with tech innovations. “The business world will be changed by technology, and a challenge will be providing a platform for the supporting law for these new technologies,” Susskind said.
Proponents said such a research center would fit with the U.K. government’s strategy to make the country a global leader in areas such as AI. In addition, the new organization would promote English law to global companies as the way to govern innovations such as blockchain transactions.
NEW PYMNTS DATA: AUTHENTICATING IDENTITIES IN THE DIGITAL ECONOMY – DECEMBER 2021 About:More than half of U.S. consumers think biometric authentication methods are faster, more convenient and more trustworthy than passwords or PINs — so why are less than 10% using them? PYMNTS, in collaboration with Mitek, surveyed more than 2,200 consumers to better define this perception versus use gap and identify ways businesses can boost usage. ——————————
The BoE recently said in its Financial Stability Board Report that while crypto holdings in the U.K. do not pose a threat to the financial network, its dramatic growth could become more dangerous as the currencies become increasingly linked to wider financial systems and the broader economy. Sarah Breeden, the central bank’s director for financial strategy and risk, told said that if banks wish to offer cryptocurrency trading and custody services, regulators must design rules to protect the world’s financial system.
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