Politicians need to move fast as Facebook & Co move into finance: BIS

  • 📰 Reuters
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 97%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Funny how when a new and powerful competitor enters the financial arena all the financial companies come running to the government teet! jpmorgan , GoldmanSachs , BankofAmerica I hope facebook eats a big chunk of all of your lunches. You deserve it after 2007.

Libra , bitcoin, xrp. They can’t stop it.

No. People need to delete their account and stop using them.

US politicians serve the 0.1% at the expense of the 99.9%.

Why should politicians move fast? Ever think that politicians should actually be reluctant to interfere with a company's/markets operations? Have you NOT seen that gov't tends to make things WORSE rather than better?

Only a fool would trust FacePuke.

Not for me!

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Palestinians don't need Bahrain meeting, they need peace: finance ministerPalestinians don't need this week's U.S.-led Bahrain meeting to develo... So be inside your borders. Simple. They don’t want peace ! Get on with the program. Otherwise, all of it will be annexed.
Source: Reuters - 🏆 2. / 97 Read more »

Palestinians don't need Bahrain meeting, they need peace: finance ministerPalestinians don't need this week's U.S.-led Bahrain meeting to develo... And peace is far away. Peace is not even a goal of this administration. Nor longevity. All they care is to exploit others and make more money. Until Israeli no longer exist Palestinians won't be happy!..
Source: Reuters - 🏆 2. / 97 Read more »