Governor of the Irish Central Bank: Blockchain technology poses a major challenge to policy development

Irish central bank governor Philip Lane said the Irish central bank has embarked on an internal working group focused on financial technology innovation. This is a method that other banks have taken, using blockchain technology to optimize or replace infrastructure. Lane said: "In addition to opportunities, there are some difficulties in applying this technology. Novel innovations in the market sector, such as distributed ledgers and cryptocurrencies, may face the most serious policy challenges due to their complexity and novelty.