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BIS Expresses Concern Over Facebook Entering Cryptocurrency Sector

The Bank for International Settlements (BIS) expresses concern over the disruption that might occur with big tech firms like Facebook entering the financial space, in its annual report for 2019. 

As per the report “Big tech in finance: opportunities and risks,” the BIS observes the potential benefits, risks, and challenges posed by companies such as Alibaba, Amazon, Facebook, Google, and Tencent who are venturing into this building fintech revolution.

Regulators need to ensure a level playing field between big techs and banks, taking into account big techs’ wide customer base, access to information & broad-ranging business models #BigTech https://t.co/KpLcrlwXui pic.twitter.com/nXTGW8csBT

— Bank for International Settlements (@BIS_org) June 23, 2019

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