The French Competition Authority, referred to as Autorité de la concurrence, is on the lookout for suggestions from the general public and fintech business executives on the evolution of the funds business. The regulator needs to know the newest developments of blockchain, cloud, cryptocurrencies, digital wallets, and their influence on funds.
Competition Watchdog Notes Rapid Development of Crypto Assets and Blockchain
Last week, the competitors regulator launched a survey with a deal with the fintech business. Specifically, the company is within the influence of progressive applied sciences like blockhain and cloud on cost companies.
The Autorité de la concurrence needs to know the way the brand new gamers coming into the market will work together with conventional banking options. The survey will assist the watchdog determine whether or not blockchain and cloud beginups and firms are bringing competitors to old school banking.
The regulator stated that technological improvements had modified each the availability aspect, as crypto and cloud corporations provide new prospects, and the demand aspect, as extra client are on the lookout for cost techniques which can be in step with the newest developments.
The competitors authority has talked about how Apple, Facebook, and Google are coming into the funds business. These giants, together with many beginups, are instantly difficult banks.
Here Are Some of the Questions
The respondents ought to submit their solutions by June 19. Some of the questions are as follows:
What are your views on the arrival of main digital gamers into the funds sector in France?
Do you assume main digital gamers compete with or complement the companies supplied by banks?
What do you assume are the impacts of applied sciences equivalent to “cloud” and “blockchain” on the functioning of the cost companies sector?
Would you be capable to establish aggressive points associated to the event of crypto-assets?
Would you be capable to establish aggressive dangers linked to the use of blockchain know-how by sure gamers within the sector of new applied sciences utilized to cost actions? If sure, which of them?
Banks Might Lose Their Dominance Indeed
The curiosity of the French regulator is well-founded, as banking giants would possibly lose dominance within the funds market. With or with out Libra, many customers are already utilizing cryptocurrencies for funds extra usually than we predict, no less than in response to a latest Visual Objects examine.
During the previous few months, extra crypto and blockchain corporations have expanded their choices to permit customers to purchase with crypto. begining from March, Android customers can join their Coinbase card to their Google Pay wallets. Elsewhere, CoinPayments introduced a strategic partnership with Shopify final week.