Banks may be bound to stop working with social media giant Facebook if the firm launches its Libra stablecoin, according to ING CEO Ralph Hamers.
Bank can choose to "Not accept the client".
Financial news outlet Financial Times reported on Hamers' remarks on Oct. 22.
Per the report, he explained that institutions like ING have to guard the financial system to prevent criminal activity.
The money laundering concerns are spurred by the fear that Libra may allow criminals to quickly move funds across national borders without any oversight.
Still, Facebook promised not to release the asset until the organization has not eased the regulator's concerns.
"We are such a large, regulated institution that you don't want to risk anything. We've said we'll take a look and see how this develops."
Other bankers are even less open to the idea of Libra.
JPMorgan Chase CEO Jamie Dimon has said last week that Facebook's proposed Libra stablecoin is "a neat idea that will never happen." Hamers, on the other hand, noted that he thinks Libra is an initiative to learn from, not one that should be forbidden.
As Cointelegraph recently reported, Finance Minister Nirmala Sitharaman has said that India - like many others, in his view - is showing a high degree of caution in regard to Facebook's Libra.
Banks May Cut Ties With Facebook if Libra Is Launched: ING CEO
gepubliceerd op Oct 22, 2019
by Cointele | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.