The news that Facebook is building their own cryptocurrency has regulators nervous on many fronts including money laundering and know your customer safeguards;“The sheer scale that a Facebook coin could achieve should give businesses, competition authorities and central banks some food for thought,” said ING economist Teunis Brosens to the FT. “Banks may find themselves disintermediated, with business suppliers increasingly bound to Facebook’s platform.”; there is disagreement among many of the world’s regulatory bodies as to how much risk digital assets pose; the scale of the social network is what worries regulators as they could immediately become one of the biggest fintech firms. Source.
