The BoE has published an outline of how it is working to make sure firms can innovate responsibly so use of new technologies can boost the UK’s productivity and economic growth while meeting its objectives to protect stability.
The BoE’s work has focused on AI, DLT and quantum computing as the three technologies with the greatest potential to shape the economy and financial services, and it wants to encourage firms in their use of them. The paper explains:
- how the BoE’s technology agnostic approach applies, and how it tries to help firms by issuing guidance on how to view existing rules in light of new techologies;
- how it is planning to use its hard and soft infrastructures and to use its convening and coordinating role to help a safe transition to a fit for the future financial system;
- the BoE’s current statistics on current and planned use of AI by firms and how all regulators are working to remove undue barriers to innovation;
- what the BoE is doing to help enable responsible DLT adoption in the financial system; and
- what the BoE views as the key risks and challenge in the adoption of quantum computing.