Politicians need to quickly coordinate regulatory responses to new risks from te...
LONDON - Politicians need to quickly coordinate regulatory responses to new risks from technology companies like Facebook moving into finance, though banks won’t be squeezed out anytime soon, the Bank for International Settlements said on Sunday.
Such a move by Big Tech mixes extensive data on individuals with activities that could potentially undermine financial stability, the BIS said. The Group of Seven economies is looking at Facebook’s plans, but no single global authority has taken the lead role so far. He added that questions over what kind of regulation Libra would be subject to did not come up in the meeting, declining to give details of when it took place.
It was early days regarding the impact of Libra if it goes ahead. “We need to see much more before we can come to a judgment,” Shin said.
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