Central Banks Fear New Risks From 'Big Tech' Currencies
Law360, London (June 24, 2019, 5:11 PM BST) -- Large technology companies moving into offering currencies and other financial products could dominate the sector, reducing competition and threatening financial stability, central bankers warned.
The Bank for International Settlements, a policy forum for central banks, said financial regulators must extend their oversight to cover so-called big tech companies, including e-commerce websites and social media platforms, that plan to provide users with access to payment services, insurance products and credit.
Finance watchdogs must also work with data privacy and competition regulators to prevent systemic risks to the sector and ensure that traditional banks are not squeezed out of the market by big...
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