Regulators in Europe have staked out claims to supervise Facebook’s nascent global payments system, as the world’s club of central banks caution over the shadow technology giants are casting over the stability of financial services.
The social media giant announced last week that it was creating a regulated subsidiary to begin developing a digital payment system based on what it describes as a stablecoin, Libra, which would eventually be managed by an association of financial services and e-commerce business.
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