Category Archives: Legal Issues and Regulation

Keynote speech OSC Dialogue Conference

Norton Rose Fulbright | Walied Soliman | Nov 23, 2020

Walied Soliman - Keynote speech OSC Dialogue ConferenceThe following is an abridged version of a keynote speech given by Walied Soliman, Canadian Chair of Norton Rose Fulbright Canada LLP and Chair of the Capital Markets Modernization Taskforce, at the OSC Dialogue Conference on November 4, 2020.

Whenever I speak about the capital markets, I like to reflect on the incredible privilege we have of being practitioners and stakeholders in this area. In just over 100 years, Ontario has developed what is widely regarded as one of the most sophisticated capital markets regulatory frameworks in the world. Ontario was five years ahead of the federal government in the United States in regulating the capital markets in an organized manner.

We were ahead. We cannot fall behind.

It was with this backdrop that Premier Doug Ford and Minister Rod Phillips had the vision to form the Capital Markets Modernization Taskforce, reporting to the Minister of Finance, to conduct a broad review of the state of our capital markets in Ontario and determine what we can do to modernize the regulatory framework and ensure that we continue to be global leaders.

See:  Big Changes In Financial Regulation: Dialogue With The OSC 2020

That vision was focused on ensuring that we are a safe and secure capital market for people saving for their retirement and equally a market that efficiently marries capital with opportunity. This latter objective is critical: it is how we create new head offices in Ontario, how we ensure that our capital markets contribute to wealth creation and, most importantly, how we create new jobs in this province.

Select parts of speech

  • An alarming and recurring theme in the comments we received was the belief that there has been a decline of new issuers, new initial public offerings and new reverse take-overs in Ontario.
  • We heard from numerous stakeholders that in order to incubate the next Canadian issuer success story, we need to increase the number of independent intermediaries whose focus is on marrying capital with junior opportunities. We heard that the number of active independent dealers has fallen – largely, in the view of many stakeholders, due to a business model where independent dealers were losing out to bank-owned dealers with commercial lending capabilities.
  • We heard from retail investor advocates on the importance of ensuring that wealth management distribution channels allow easy access to competitive and independent wealth management products. It is clear that the OSC’s Client Focused Reforms are going to have a significant impact on the contents of the retail shelf.
  • We have also recommended enhanced powers for the Ombudsman for Banking Services and Investments.
  • Every Taskforce member is in favour of a national regulator. Clearly, this must be the goal. Our national reality poses challenges to achieving that goal. Our federation is complex both geographically and culturally, with varying capital markets objectives across the country. The political will needed to accomplish the goal of a national regulator does not currently exist.
  • [Before] whether setting up a dealer or a registrant, there was a clear path in the market for a business plan to succeed. Today, there are structural barriers to the business plans of new entrants. When combined with high entry costs, these structural barriers have a significant impact.

See:  OSC unveils charter for office to promote innovation and reduce regulatory burden

What comes next?

We continue to actively engage with stakeholders and are working diligently with the Ministry of Finance and the OSC on developing our final recommendations. We anticipate delivering to the Minister a final report sometime in December. From there, the Minister of Finance and the government will review our final report and work to advance the recommendations that they choose to accept as government policy.

 

 


NCFA Jan 2018 resize - Keynote speech OSC Dialogue Conference The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Big Changes In Financial Regulation: Dialogue With The OSC 2020

Lenczner Slaght | Shara N. Roy and Isabel Dávila Pereira | Nov 12, 2020

OSC dialogue event - Big Changes In Financial Regulation: Dialogue With The OSC 2020On November 4, 2020, the Ontario Securities Commission (OSC) held its annual OSC Dialogue. Financial industry leaders, senior regulators and investors came together virtually to discuss changes in the industry and how they are working together.

This year, the current COVID-19 global pandemic informed both the virtual setting for and the theme of the OSC Dialogue. The main theme of the discussion was the link between the world's physical and financial health brought forth by the pandemic. The OSC Dialogue was divided into five sessions, and in spite of the different topics and perspectives, one key issue was at the forefront of the discussion: the role of the OSC in fostering economic growth, adapting to technological innovation, and incorporating principles of Environmental, Social and Corporate Governance (ESG).

The Capital Markets Modernization Taskforce and the Expansion of the OSC's Role

In February of this year, the Ontario government established the Capital Markets Modernization Taskforce, which is in charge of making recommendations to the Minister of Finance for the review and modernization of the province's capital markets regulations. Walied Soliman, Taskforce Chair and Canadian Chair of Norton Rose Fulbright, provided an update on the work of the Taskforce. He noted that the Taskforce's recommendations will focus on three pillars: (1) proper governance, (2) an expanded mandate for the OSC, and (3) harmonized regulation.

See: 

Ontario capital markets task force proposes big changes

Ontario’s Capital Markets Modernization Task force report draws criticism

One of the key discussions across the OSC Dialogue focused on the second of these pillars. In several panels, which included a conversation with former OSC chairs, a discussion about the role of regulation in rebuilding the economy, an update from the Ontario Capital Markets Modernization Taskforce and a discussion on fostering innovation, the participants discussed the proposed expansion of the OSC's mandate to include the fostering of capital formation and the protection of competition. This proposal, as pointed out by Soliman, is part of the Taskforce's recommendations and will be delivered to the provincial government in December in its final report.

The Taskforce's justification for this and other recommendations highlighted by Soliman is that, “Capital markets regulation is not an end to itself”; a phrase he repeated during his presentation, and a sentiment which aligns with the current Ontario government's view on regulation.

“Capital markets regulation is not an end to itself”

Walied Soliman, Taskforce Chair and Canadian Chair of Norton Rose Fulbright

Soliman stated that such regulation must respond to the social and public good it is meant to support and the economic well-being of the province. He pointed out that the inclusion and making of this recommendation was not a difficult decision to reach by the members and that it follows advances already occurring in other places, including changes made in the UK, Singapore and Australia, where regulators have mandates to promote economic growth and competition, allowing them to remove obstacles including fees and tackle anti-competitive behaviour.

However, not every panelist agreed with the Taskforce's easy adoption of this recommendation. On an earlier panel where several former OSC chairs discussed perspectives, Maureen Jensen, the previous OSC Chair until April of this year, had a word of caution for this proposed mandate expansion. Jensen warned that it can be very difficult to be both the regulator and a partner in fostering businesses, as it can affect the OSC's independence in subsequent regulatory and enforcement actions. She added that the OSC's current mandate already allows it to promote a fair and efficient market which allows the regulator to encourage innovation but without standing in the way by partnering in the innovation. Howard Wetston, Senator and former Chair of the OSC, agreed with Jensen's caution but noted that capital formation has always been a key role of the OSC and that what is needed in any case is more transparency in the OSC role.

See:  NCFA Response to the Modernizing Ontario’s Capital Markets Consultation Taskforce

Other recommendations that the Taskforce update revealed include an increase of OSC oversight over self-regulatory organizations (SROs). While Soliman recognized the importance of SROs in filling the gap left by the lack of a national securities regulator, he noted that their recommendation would be for the OSC and Minister of Finance to collaborate to ensure business plans and regulations align with public policy, avoid duplication of regulation, and ensure that all capital markets are rowing in the same direction. This recommendation follows policy discussion around the combination of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association

Finally, Soliman made a call to the public to continue to engage with the Taskforce. In spite of the Taskforce's public consultation period ending in September of this year, he pointed out that stakeholders can still reach out to the Committee.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Big Changes In Financial Regulation: Dialogue With The OSC 2020 The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Alberta and Saskatchewan securities regulators seek comment on proposed new exemption designed to facilitate access to capital

ASC | Denise Weeres | Nov 20, 2020

female investor - Alberta and Saskatchewan securities regulators seek comment on proposed new exemption designed to facilitate access to capital

Calgary – The Alberta Securities Commission (ASC) and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) are seeking input on a proposed new prospectus exemption designed to provide greater access to capital for Alberta and Saskatchewan businesses and broaden investment opportunities for Alberta and Saskatchewan investors.

“As our provinces are dealing with the economic impact of the pandemic, we are looking for new ways to better facilitate access to capital, while still protecting investors,” said Roger Sobotkiewicz, Chair and CEO of the FCAA. “Efforts are being taken to adapt our existing industries and diversify our economies. By innovating as regulators we can help support the growth of the innovation economy,” added Stan Magidson, Chair and CEO of the ASC.”

 

The proposed new self-certified investor prospectus exemption would allow investment by investors who certify to having certain financial and investing experience and education, and acknowledge certain investment considerations and risks. To reduce the risks to investors, investments would be limited in a 12-month period to $10,000 in any one business and $30,000 across multiple businesses.

See: 

ASC Updates Raising Capital for Small Businesses Resource: Fostering Alberta’s New Economy

ASC adopts Start-up Crowdfunding Blanket Order

Sep 22, 2019: NCFA Response to ASC Consultation Paper 11-701: Energizing Alberta’s Capital Market

 

Details of the proposal are set out in CSA Multilateral Notice 45-327 Proposed Prospectus Exemption for Self-Certified Investors available on the websites of the ASC and the FCAA. The comment period for the proposed new prospectus exemption is open until December 23, 2020.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

View release:  here

Comments are to be submitted by Dec 23, 2020

View the Self-Certified Investor prospectus exemption --> here

 


NCFA Jan 2018 resize - Alberta and Saskatchewan securities regulators seek comment on proposed new exemption designed to facilitate access to capital The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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The U.S. is pushing ahead with its threat to delist Chinese companies

Fortune via Bloomberg | Nov 18, 2020

Potential Delisting of Chinese companies on US exchanges - The U.S. is pushing ahead with its threat to delist Chinese companiesThe U.S. Securities and Exchange Commission is pushing ahead with a plan that threatens to kick Chinese companies off U.S. stock exchanges, setting up a late clash between Washington and Beijing as the Trump administration winds down.

By the end of this year, the SEC intends to propose a regulation that would lead to the delisting of companies for not complying with U.S. auditing rules, according to people familiar with the matter.

Agency officials have been moving quickly on a rule since August, when the President’s Working Group on Financial Markets -- a regulatory council whose members include SEC Chairman Jay Clayton and Treasury Secretary Steven Mnuchin -- urged the regulator to pass new restrictions that could take effect as soon as 2022, said the people who asked not to be named in discussing private deliberations.

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At issue is a problem that has vexed U.S. regulators for more than a decade: China’s refusal to let inspectors from the Public Company Accounting Oversight Board review audits of Alibaba Group Holding Ltd., Baidu Inc. and other firms that trade on American markets. The issue has gained added urgency due to rising tensions between the two countries and following this year’s high-profile accounting scandal at Luckin Coffee Inc.

The SEC move is unusual because most agencies stop issuing major new policies after a presidential election, especially when a new party is taking power. In addition, it’s unlikely the rule will be finalized before President Donald Trump’s term ends on Jan. 20. Clayton, who plans to step down by the end of the year, will also be gone before any regulation is finished. That would leave completing it to an SEC chief picked by President-elect Joe Biden.

By pushing through a vote, Clayton would force the SEC’s Republican and Democratic commissioners -- all of whom have years left on their terms -- to go on record in stating whether they support tougher rules for Chinese companies. Issuing a proposal also requires the SEC to seek

public comment and investor advocates would be expected to flood the agency with letters backing Clayton’s plan.

Plus, unlike many policies in this era of heightened partisanship, cracking down on China appeals to both Republicans and Democrats on Capitol Hill. In May, the U.S. Senate approved a bill without opposition that directs the SEC to start the process of delisting Chinese companies whose audits aren’t inspected by American regulators. All of these factors could put pressure on Clayton’s Democratic successor.

See:  China Stops Jack Ma’s $35 Billion Ant IPO From Going Ahead

The SEC declined to comment on the rulemaking plan. The Nasdaq Golden Dragon China Index fell 0.9% Tuesday, compared with a 0.5% drop for the benchmark S&P 500 index. The gauge, which tracks Chinese companies listed in the U.S., closed at a record high at the end of last week.

Fang Xinghai, the vice chairman of the China Securities Regulatory Commission, sounded a positive note on resolving the issue at panel discussion on Tuesday, saying it’s important to ensure that Chinese companies have access to international capital markets.

“I think during the Biden administration we should be able resolve that problem because it’s not an intractable problem,” Fang said at the New Economy Forum. “All it takes is good will on both sides and a willingness on both sides.”

Continue to the full article --> here

 


NCFA Jan 2018 resize - The U.S. is pushing ahead with its threat to delist Chinese companies The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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SEC Chair Clayton to exit, giving Biden early chance to name key regulator

Politico | Kellie Mejdrich | Nov 16, 2020

Jay clayton stepping down from SEC chair - SEC Chair Clayton to exit, giving Biden early chance to name key regulatorUnder the SEC’s rules, it is up to the president to appoint an interim chair when the commission chair leaves

SEC Chair Jay Clayton plans to leave the commission at the end of the year, departing from the market regulator about six months before his term is up, the agency announced Monday morning.

Clayton's departure will be among the first of what will be a wave of exits from the Trump administration as Joe Biden is sworn in as the new president. Under the SEC’s rules, it is up to the president to appoint an interim leader when the commission chair leaves.

“Working alongside the incredibly talented and driven women and men of the SEC has been the highlight of my career,” Clayton, an independent who was sworn in on May 4, 2017, for a five-year term, said in a statement.

See:

SEC chair: perhaps all stocks could become blockchain tokens

Statement on Modernization of the Accredited Investor Definition

SEC Votes to Approve Changes to Regulation Crowdfunding Increasing the Maximum Raise to $5 Million


The announcement did not say where Clayton is headed next. But his departure was expected after he told the House Financial Services Committee this summer that he wanted to return to New York. That was shortly after President Donald Trump announced his intention to nominate him to be U.S. Attorney for the Southern District of New York.

That appointment never happened, as Geoffrey Berman, then-U.S. attorney for the Southern District, refused to step down. The political flap was resolved when Berman was replaced by his deputy.

Clayton came to the SEC after more than two decades working at the Wall Street powerhouse firm Sullivan & Cromwell, representing banks such as Goldman Sachs. During his tenure at the regulator, he was criticized by Democrats for taking a light touch on enforcement and for expanding U.S. capital markets to include broader allowances for private offerings and proposing to dramatically cut down disclosures for many hedge funds.

Clayton also drew fire from Democrats for his approach to implementing a call in the landmark Dodd-Frank law to heighten an investment advice standard to avoid conflicts of interest among broker-dealers. Detractors said it did not apply the highest fiduciary standard of care that is followed by registered investment advisers.

See:  Why a Biden win could be good for fintech

Despite the criticism of his time at the market regulator, the total of 3,152 enforcement cases brought under Clayton's chairmanship was actually higher than that of former SEC Chair Mary Jo White — a onetime federal prosecutor and appointee of President Barack Obama — during her tenure from 2013 to 2017.

Clayton also guided the SEC as it stepped into major legal fights during an unprecedented era of celebrity venture capitalist activity. The agency sued Elon Musk over tweets about taking his electric car maker Tesla private, and went after Elizabeth Holmes's blood testing company, Theranos. Both cases resulted in tough consequences for the executives, though some critics said the penalties involved were not harsh enough.

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NCFA Jan 2018 resize - SEC Chair Clayton to exit, giving Biden early chance to name key regulator The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Bill to overhaul Canada’s privacy laws coming soon

CBC | Catharine Tunney | Nov 16, 2020

privacy bill minister bains - Bill to overhaul Canada's privacy laws coming soonMinister Bains' mandate letter hints at 'enhanced powers for the privacy commissioner'

As the number of high-profile online consumer security breaches continues to grow, the federal government is expected to introduce a bill soon to shake up Canada's privacy laws — possibly as early as this week.

Innovation Minister Navdeep Bains signalled plans to introduce the legislation late last week on the House of Commons notice paper.

The bill — officially called "An Act to enact the Consumer Privacy Protection Act and the Personal Information and Data Protection Tribunal Act and to make consequential and related amendments to other Acts" — would be the first major attempt to change Canada's privacy law in decades.

See:  Cadillac Fairview broke privacy laws by using facial recognition technology at malls, investigators conclude

Details of the bill won't be available until the legislation is tabled, but a spokesperson for Bains pointed to the promises outlined in the minister's mandate letter.

That letter — essentially the minister's marching orders from Prime Minister Justin Trudeau — tasked him with drafting a "digital charter" that would include legislation to give Canadians "appropriate compensation" when their personal data is breached.

It also promised to introduce new regulations for large digital companies to better protect Canadians' personal data and encourage more competition in the digital marketplace, and to appoint a new data commissioner to oversee those regulations.

"It will be significant and meaningful to make it very clear that privacy is important. Compensation, of course, is one aspect of it," Bains said back in January, adding that the government also wants "to demonstrate to businesses very clearly that there are going to be significant penalties for non-compliance with the law. That's really my primary goal."

The letter also calls for "enhanced powers for the Privacy Commissioner." The office of Privacy Commissioner Daniel Therrien — who has been calling for more powers — said he will be briefed on the bill after it's tabled.

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"Our office has long been calling for federal privacy laws better suited to protecting Canadians in the digital age," said Therrien's spokesperson Vito Pilieci.

"We need a legal framework that allows for responsible innovation that serves the public interest and is likely to foster trust, but prohibits the use of technology in ways that are incompatible with our rights and values. The law should also provide for enforcement mechanisms that ensure individuals have access to quick and effective remedies for the protection of their privacy rights, and create incentives for broad compliance by organizations."

The 'right to be forgotten'

Earlier this month, a joint investigation by the federal, Alberta and B.C. privacy commissioners concluded that the real estate company behind some of Canada's most popular shopping centres embedded cameras inside its digital information kiosks at 12 shopping malls in major Canadian cities to collect millions of images — and used facial recognition technology without customers' knowledge or consent.

B.C. Information and Privacy Commissioner Michael McEvoy said the commissioners likely would have pursued fines against the company, Cadallic Fairview, if they'd had the power.

"Fines in a case like this would have been a consideration. It is an incredible shortcoming of Canadian law," he said.

"We as privacy regulators don't have any authority to levy fines on companies that violate peoples' personal information and that should really change."

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Statistics Canada says that about 57 per cent of Canadians online reported experiencing a cyber security incident in 2018.

Bains's mandate letter also hints at the introduction of a so-called "right to be forgotten" or "right to erasure" law by calling for the "ability to withdraw, remove and erase basic personal data from a platform."

Continue to the full article --> here


Global News |

zoom privacy concerns video - Bill to overhaul Canada's privacy laws coming soonTrudeau government set to introduce privacy bill aimed at protecting Canadians

The Trudeau government is poised to introduce legislation aimed at better safeguarding the privacy of Canadians in the digital era.

The bill, to be tabled as early as this week, would be a step toward realizing commitments set out in the mandate letter of Innovation Minister Navdeep Bains.

It would also flesh out the 10 principles — from control over data to meaningful penalties for misuse of information — that make up the federal digital charter.

See: 

Digital IDs Help Open Banking Reach Its Fullest Potential

Smart Cities Offer Promises and Concerns Over Privacy

Prime Minister Justin Trudeau has asked Bains to work with other ministers to advance the digital charter and beef up the privacy commissioner’s powers with the overall goal of establishing a new set of online rights.

They are to include:

  • the ability to withdraw, remove and erase basic personal data from a platform, such as Facebook or Twitter;
  • knowledge of how personal data is being used, including through a national advertising registry;
  • the ability to review and challenge the amount of personal data that a company or government has collected;
  • a means of informing people when personal data is breached, with appropriate compensation;
  • and the ability to be free from online discrimination including bias and harassment.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Bill to overhaul Canada's privacy laws coming soon The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Lagarde Says Her ‘Hunch’ Is That ECB Will Adopt Digital Currency

Bloomberg | Alexander Weber | Nov 13, 2020

European Central BankChristine Lagarde - Lagarde Says Her ‘Hunch’ Is That ECB Will Adopt Digital Currency President Christine Lagarde signaled that her institution could create a digital currency within years in what would be a dramatic change to the euro zone’s financial sector.

“My hunch is that it will come,” Lagarde said Thursday during a virtual panel discussion hosted by the ECB. “If it’s cheaper, faster, more secure for the users then we should explore it. If it’s going to contribute to a better monetary sovereignty, a better autonomy for the euro area, I think we should explore it.”

The president said it might be two to four years before the project could be launched as it addresses concerns over money laundering, privacy, and the technology involved.

See:  China’s digital currency app looks like Alipay and WeChat Pay

That’s still fast compared to its peers. On the same panel, Federal Reserve Chair Jerome Powell and Bank of England Governor Andrew Bailey reiterated their caution. Powell said the Fed will “carefully and thoughtfully” review the issue, and Bailey said there’s a “lot of hard work to think through the implications.”

China is also advance with plans for a central-bank digital currency.

“We’re not racing to be first,” Lagarde said. “We are moving ahead diligently, not incautiously. We will be prudent.”

Continue to the full article --> here

 


NCFA Jan 2018 resize - Lagarde Says Her ‘Hunch’ Is That ECB Will Adopt Digital Currency The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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