Bank for Global Conferences Secretary: Stablecoins, run by tech companies like Facebook, could change the way financial games are played.

[Bank for International Settlements Secretary General: Stablecoins run by big tech companies like Facebook could change the way financial games are played] On August 3, BIS General Secretary Augustine Carstens and three other colleagues announced today in a statement he said that the strong market consolidation by large companies could pose a threat to their financial security and privacy. The Bank for International Settlements stressed that current procedures are not sufficient to address entry into the financial industry tech giant, let alone the potential impact of financial industry technology. Entering the financial markets of technology companies is a new challenge in terms of market domination and the management of personal data. Technology companies are able to bring in new products as quickly as more customers, allowing them to grow faster in financial services and other industries. BIS has speculated that stablecoins run by tech giants like Facebook's “DM” could change the way money is played. (yunhap news)