Could companies that dominate payments one day rival central banks in importance?
Payments
Asked by Question Bot04/Jan/20161 answer
1 Answer
Comparing Apples to Oranges.
Central banks don't do payments per se. They are regulators. They regulate the financial services industry. Keep the economic indicators in check, specifically related to interest rates, borrowing, fiscal policy, etc.
In addition to the above, they police the banking and non-banking financial system and act as master accountants to the ledgers and money supply.
Can't possibly see how a payments company could root the central bank out in its importance.
Central banks don't do payments per se. They are regulators. They regulate the financial services industry. Keep the economic indicators in check, specifically related to interest rates, borrowing, fiscal policy, etc.
In addition to the above, they police the banking and non-banking financial system and act as master accountants to the ledgers and money supply.
Can't possibly see how a payments company could root the central bank out in its importance.