At one level, growth in various types of electronic payment technologies looks set to reduce the traditional role of notes and coins in the monetary system. At another level, there is much discussion of the relative merits of more widespread adoption of private-sector digital currencies versus a new role for central banks in the direct issuance and management of publicly-backed digital currencies.
Alas, it is beyond the scope of today’s speech to pursue this fascinating topic in any detail. BIS central bankers’ speeches  3  In conclusion, the challenge for policy makers is to understand and attempt to appropriately regulate the evolving financial services landscape, while at the same time balancing oftencompeting objectives of competition and choice, financial stability, and the effectiveness of macroeconomic policies.