The Group of 10 leading central bank governors said they would carefully watch the evolution of electronic cash to monitor the effects it could have on monetary policy at a time when banks around the world are pulling out all stops to launch new payment systems. Central bankers were especially concerned with security risks and would watch them closely in coming months, as some of these new payment systems do not leave an audit trail and may enable criminals to transfer money between cards and across borders without going through banks or clearing houses. The Bank for International Settlements, central bank to the world’s central banks, will act as a collection point for further information about various forms of electronic cash; of the many current projects worldwide, one in Finland is likely to be one of the main test beds because the introduction of electronic cash systems in Finland is among the most advanced.
