There is one general principle that should inspire the way authorities tackle FinTech from a microprudential point of view: to the extent that FinTech activities involve the same risks that justify supervision of other activities, they should be regulated and supervised in much the same way.
Some clearinghouses even issued small-denomination certificates that circulated widely outside the clearinghouse as a substitute for currency.9 Although these measures were helpful, demands grew for public action to address the problem of recurrent panics.