Central banks grappling with fast-changing financial technology and companies li...
) moving into finance will aim to work together more closely through an innovation hub approved on Sunday by the Bank for International Settlements.
Facebook’s plan to expand into payments and launch its own Libra cryptocurrency were not mentioned in the BIS statement, but the social media giant’s move has helped crystallize opinion among central bankers on the urgency of coordinating regulatory responses to financial technology trends. Basel-based BIS, a central bank umbrella group, has already called on politicians to closely scrutinize Big Tech’s incursion into finance, a move that raises questions about data privacy, competition, markets and banking.
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