In Search of #FinTech Data

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(C) 2020 BCMstrategy, Inc. | www.policyscope.io | www.bcmstrategy2.com
(C) 2020 BCMstrategy, Inc. | www.policyscope.io | www.bcmstrategy2.com

The July BIS report makes clear that policymakers are serious, determined, and thinking concretely about their next steps. They must go fishing for data…in ponds over which they have limited to no jurisdiction.

They started by surveying central banks around the world to identify high priority needs. Financial stability and payments policy (including cryptocurrency policy) emerged as focal points:

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The BIS report starts from the proposition that lack of internationally comparable statistics (and related definitions) for the fintech sector creates data gaps that must be filled. It does not spell out WHY those data gaps must be filled, much less HOW those gaps can be filled.

  • payment services providers.
  • balance sheet data
  • number of platforms
  • flows of funds between cryptocurrency and fiat currency
  • trading volumes
  • types and number of crypto assets
  • number of customers

Many FinTech companies may bristle at the potential expansion of the regulatory perimeter. Cryptocurrency firms are famously secretive. Many blockchain-based currencies do not even provide insight into the identity of the counterparty. Convincing such firms to deliver data to central banks could be quite a challenge.

  • the tax authorities
  • finance ministries
  • central banks

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