The Bank for International Settlements (BIS), an institution owned by the world’s central banks, has issued a stark warning about the likes of Facebook, Alibaba, and Google disrupting the established financial system. In its annual economic report, titled Big Tech in Finance: Opportunities and Risks, the BIS – commonly seen as the central bank of central banks – specifically cites Facebook’s new Libra cryptocurrency as a threat to existing payment services. “Given their size and customer reach, big techs’ entry into finance has the potential to spark rapid change in the industry.” Facebook, Alibaba, and cryptocurrency to disrupt finance Facebook

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