1 00118601 Emerging themes 2019 A4 AW v31 combined - Page 46



DIGITAL
SUPERVISING
VIRTUAL NEW MONEY
WHEN VIRTUAL CURRENCY
MEETS FIAT MONEY
Virtual currencies have fast become one of the most talked about subjects
in financial regulation and that looks set to remain through 2019 and beyond.
The distributed ledger technology underlying most of the virtual currencies has
already been trialled or applied in the payment services and e-money sector
(and other financial services), with seemingly ever expanding possibilities. An
increasing number of virtual currency platforms are also starting or looking to
expand into the payments/e-money space by, for example, offering fiat moneyrelated services or products. However, development in the virtual currency world
remains fast and uncertain, which adds to the complexity of striking the
appropriate regulatory balance between encouraging innovation and
managing risks. Taking just one strand of the debate on whether and how
to regulate virtual currencies, this article considers how virtual currency
platforms providing fiat money services could be supervised from a policy
or principle perspective.
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