Many new arrangements for digital payments are complex, involve a large number of different actors, and tend to be absorbed by global players that are looking to become increasingly important in the payment landscape. In addition, decentralised approaches to transferring cryptoassets have been invented and are now making inroads into regular payments by pegging themselves to fiat money.
While there is no perfect answer to these challenges, I introduced you to three current regulatory approaches – PFMI, MiCA and PISA – and to the efforts around central bank digital currency, especially the digital euro. Overall, these seem to be arterial roads that add safety and efficiency to payments that are the backbone of our economy – in the euro area and beyond.