Several Founders, Co-Founders, CXO Bankers, CXO Fintech professional & people who participated in the ePanel discussions:
- Mr. Rasheed Adegoke, CEO, Algorism Ltd
- Mr. P B Prakash, Head-Financial Institutions Group, IndusInd Bank
- Mr. Vikas R Panditrao, Co-Founder, Forum of Industry and Academic Knowledge Sharing (FIAKS)
- Many other CEO/CXO Bankers & Fintech professionals on FIAKS Forum requested to remain anonymous
So this time the topic for discussion amongst the community was on Algorithmic Central Bank. Can a central bank ever efficiently function without the need for manual intervention or decision-making by individuals? A very interesting futuristic question!
Firstly one must have an agreed scope for what Central Banks do;
- Does Central Bank cover monetary/macro-economic policy management and regulation + supervision of the financial service industry? Or are we limiting the Central Bank to only financial service industry supervision?
- Well, an algorithmic monetary/macro-economic policy management organ is closer to reality – final decisioning or more of policy communication management may still be in the hands of humans but data-based analysis and policy decisions can be handled autonomously by algorithms.
- While a member feels, “if the contention is that a set of complex rules drilled into a computer system can replace central banking as we know, that is both naive and dangerous.”
What do you mean by algorithmic regulation?
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