BIZ warns: Big Techs could threaten stability

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Juni 24, 2019

The Bank for International settlements (BIS) warns in its latest report that global Tech companies to systemically important financial actors to develop. At the same time, however, had Facebook Libra & co., with a view on financial inclusion and efficiency groundbreaking Potential for the industry. On the part of the legislator must therefore, of concern to the ‚Big tech‘ – for example, in the areas of data protection and competition law to address it.

By David Barkhausen
24. June 2019BTC$a total of 10,945,00 1.76%part Facebook Twitter LinkedIn xing mail

The past 20 years are a real success story for international Tech companies. Out of nowhere managed to Alibaba, Amazon, Facebook and Google to catapult themselves to the top of the global economy. Your recipe: to make The data of their users money, and more and more of them directly linked. Long ago, the Big-Techs no longer make in this way even before the financial sector – for Grey of traditional commercial banks.

In its most recent report last Sunday, the 23. In June, the Bank for International settlements (BIS), these Trends are now under the microscope. The Central Bank of global Central banks come to the conclusion that Tech giants and their advances in the area of the financial sector have large Potential.

for Example, you could push financial inclusion forward and join the world’s 1.7 billion people without a Bank-Account with the financial system. In addition, the real-time transactions from Facebook’s Libra, or Alibaba’s Alipay, the industry would promise efficiency gains. Using their data, in turn, could be a credit risk rating of better in the future.

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the all-clear is the BIZ, however. Because due to their size, the data could Kraken „digital monopolies“ and thus a threat to the financial stability, the international competition between banks and consumer protection. In the report to have in mind:

In some areas, such as the [global] payment system Big Techs with the potential to develop very quickly to the system-relevant financial institutions. Given the importance of the financial system as essential public infrastructure whose activities are a matter of greater public interest.

BIZ of Cryptocurrencies

regulators and lawmakers should limit, therefore, size effects, and for equal opportunities between banks and Tech companies provide. In the coming legislative responses, it is important, therefore, to take also, and especially, concerns about the competition law and the protection of privacy in the view. Especially compared to Facebook’s currency project Libra so Worried about towers at the moment. As well as numerous politicians from both the deutsche Bundesbank as well as her French counterpart last week, emphasized their doubts about the Stable Coin.

The Basel-based BIS is a parent organization of the world’s Central banks. As the Bank manages parts of the international currency reserves. Your goal is to ensure the stability of the global financial system.

In March, had warned the BIZ most recently, Bitcoin, Ripple & co. wouldn’t be stable and would meet the payment function of money is just inadequate. In addition, this would pose a risk for banks.

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