Regulators should prepare for the invasion of IT-companies in the financial sector

As Benoit Coeure, a member of the board of the European Central Bank (ECB), said, regulators in different countries need to prepare for the invasion of companies like Facebook into the financial sector.

“It’s not even a question of allowing them to develop their financial systems in the absence of regulation – this is too dangerous. We need to act faster than we have done so far, ”said Köre.

According to the ECB board member, the development of digital currencies by IT companies shows the inadequacy of regulation in this area, as well as the inability of the banking system to adopt new technologies.

“All these projects are becoming an alarm bell for regulators and government agencies. They encourage us to raise many questions and force us to improve our working methods, ”the economist said.

Recall that Facebook’s Libra project has raised a barrage of criticism from various government organizations and regulatory agencies. Last week, more than 30 different public organizations in the United States signed an open letter to Congress asking them to suspend or cancel the development of the Libra project.