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Bloomberg
Financial regulators must act fast to prepare for the push by US 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 in Aix-en-Provence in southern France.
Facebook’s plan for a digital currency called Libra has policy makers scrambling.
David Marcus, the executive leading Facebook’s Libra and blockchain efforts, will testify before Congress this month on the initiative.