This paper aims to provide a state-of-the-art analysis about the FinTech and the cryptocurrencies phenomena. Given the focus of the central banks all over the world, we will discuss three main aspects: technology, economics and regulation. Technology seems to be the most important revolution brought by cryptocurrencies: it is employed for many purposes that depart from the original one of distributed ledger for storing transactions. The traditional financial intermediaries are trying to prevent the disruption of the current financial system by cooperating with the FinTech start-ups. Regarding the economic aspect, we deal with the comparison between what academia has been proposing for incorporating cryptocurrencies in the economy and what central banks and banks are doing. Regulation has mainly adopted a 'wait and see approach' and it is very fragmented around the globe. Regulation is mainly oriented in exploiting technology, acquiring the new name of RegTech.

On the state-of-the-art of FinTech world and the initial approach of central banks

Francesco Bellini
Supervision
;
Federica Vassalli
Writing – Original Draft Preparation
2022

Abstract

This paper aims to provide a state-of-the-art analysis about the FinTech and the cryptocurrencies phenomena. Given the focus of the central banks all over the world, we will discuss three main aspects: technology, economics and regulation. Technology seems to be the most important revolution brought by cryptocurrencies: it is employed for many purposes that depart from the original one of distributed ledger for storing transactions. The traditional financial intermediaries are trying to prevent the disruption of the current financial system by cooperating with the FinTech start-ups. Regarding the economic aspect, we deal with the comparison between what academia has been proposing for incorporating cryptocurrencies in the economy and what central banks and banks are doing. Regulation has mainly adopted a 'wait and see approach' and it is very fragmented around the globe. Regulation is mainly oriented in exploiting technology, acquiring the new name of RegTech.
File allegati a questo prodotto
File Dimensione Formato  
Vassalli_On-the_state_2022.pdf.pdf

embargo fino al 14/12/2022

Tipologia: Versione editoriale (versione pubblicata con il layout dell'editore)
Licenza: Tutti i diritti riservati (All rights reserved)
Dimensione 543.25 kB
Formato Adobe PDF
543.25 kB Adobe PDF   Visualizza/Apri   Richiedi una copia

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: http://hdl.handle.net/11573/1652324
Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus ND
  • ???jsp.display-item.citation.isi??? ND
social impact