Denis Beau: How to ensure the good functioning of our payment systemin the digital age?

Closing speech by Mr Denis Beau, First Deputy Governor of the Bank of France, at the France Payments Forum, 9 November 2021.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
14 November 2021


  • The landscape of payments and market infrastructures is undergoing a transformation as a result of the changing payment expectations and habits associated with the digitalisation of our economies, the implementation of new technologies such as distributed ledger, the emergence of new players such as fintechs and bigtechs, and the increasing use of new settlement assets such as crypto-assets.
  • The health crisis and the resulting social distancing have contributed to accelerating these changes.  For a central bank such as the Banque de France, which is responsible for ensuring the smooth functioning of our payment system, this acceleration has made it all the more necessary for us to be vigilant with regard to the attendant opportunities and risks.
  • Against this backdrop, I would like to share with you some observations on the changes in risks associated with this transformation, and the implementation of the three-pronged strategy – regulation, facilitation and experimentation – that we are pursuing to mitigate them.