Facebook's Cryptocurrency Plan Draws ECB Warning on Regulation
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Financial regulators must act fast to prepare for the push by U.S. tech giants such as Facebook Inc. into the financial system, according to European Central Bank Executive Board member Benoit Coeure.
“It’s out of the question to allow them to develop in a regulatory void for their financial service activities, because it’s just too dangerous,” Coeure said on Sunday in Aix-en-Provence in southern France. “We have to move more quickly than we’ve been able to do up until now.”