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Tobias Adrian: Cross-Border Payments for the 21st Century
IMF Podcasts
The Challenge in Cross-Border Payments?
We have hundreds of thousands of banks around the world, but only 10 institutions do this cross-border. So one challenge is that it's only 10, so there's some degree of monopoly power. Costs are very high as well, because sometimes they make payments that are illegal and they get sued. And then thirdly, there really isn't a good cross-border regulatory approach.
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