Redefining prudential regulation It is important to recognize that the statutory and administrative changes in regulation following the financial crisis were not only about strengthening existing regulation following 30 years of largely deregulatory measures that had preceded the crisis.
This scenario relates to our core central bank functions, which is one of the main reasons why our colleagues in Sweden have been dealing with the topic for quite some time. If payer and payee simply do not want to handle cash anymore, then a pure reliance on private companies for electronic payments could bear risks or could also exclude some parts of society.