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BoE’s Cunliffe warns of ‘VHS vs Betamax’ battle in payments as crypto threatens industry
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Cross-border payments are lagging other financial services, and upstarts face major hurdles in developing more accessible payments networks, deputy Bank of England governor Sir Jon Cunliffe said.
“When we tackle [payment] frictions, we don't just have to tackle the constraints that our infrastructure and regulation create for incumbents who provide cross-border payment systems and services,” he told the Bank for International Settlements’ Innovation Summit. “We also have to tackle the barriers to entry that new players face.”
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