Tanya Abrosimova
Independent Analyst
- The head of ING expressed concerns about Libra launch.
- The bank won't deal with the project unless are regulatory concerns are cleared.
Facebook may face issues with banks if it fails to address regulatory concerns before Libra launch, the chief executive of ING Ralph Hamers says as cited by the Financial Times.
Ralph Hamers is concerned with money laundering aspects of the stablecoin proposed by the social media giant. He said that banks would bee reluctant to service a company that may facilitate financial crime in the system.
“Then we can take measures and exit the client, or not accept the client, so those are discussions you would have to have,” he explained.
Moreover, he was confident that Libra launch could affect the relationship between banks and the project’s creator Facebook.
ING is a large and highly regulated financial institution that does not want to take risks with anything that might be potentially dangerous or illegal. That's why thee bank has decided avoid dealing with the project unless it is in full compliance will all regulatory requirements.
“We’ve said we’ll take a look and see how this develops,” Hamers added.
Notably, other bankers are also skeptical about the project. Thus, recently the head of JPMorgan Chase Jamie Dimon said that Libra will never happen.
"We already have stablecoins, so they're not the first to do that," he said in the interview with Bloomberg without gaining much into details.
Read also: BaFin President wants Libra and regulators to be more creative
Libra forces central banks to reconsider their operations - the Head of the Riksbank
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC bloodbath continues, near 30% down from its ATH
Bitcoin price extends its decline and trades below $80,000 at the time of writing on Friday, falling over 15% so far this week. This price correction wiped $660 billion of market capitalization from the overall crypto market and saw $3.68 billion in total liquidations this week.
Cardano poised for double-digit drop amid market weakness
Cardano price is extending its decline by nearly 7%, trading around $0.60 on Friday after falling 23% this week. Santiment data support this decline as ADA daily active addresses are falling, and the technical outlook indicates a continued correction, with ADA potentially facing an additional double-digit decline.
XRP short-term holders dominate sell-off as whales buy the dip
XRP short-term holders dominated the selling activity during the recent market crash. XRP whales have been accumulating more tokens during the crash, adding over $1 billion worth of tokens. XRP could bounce off the lower boundary of a descending channel if it fails to hold the $1.96 support level.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP continue to sell off
Bitcoin (BTC) price continues declining on Friday after falling more than 15% this week. Ethereum (ETH) and Ripple (XRP) followed BTC’s footsteps and declined by nearly 24% and 21%, respectively.
Bitcoin: BTC bloodbath continues, near 30% down from its ATH
Bitcoin (BTC) price extends its decline and trades below $80,000 at the time of writing on Friday, falling over 15% so far this week. This price correction wiped $660 billion of market capitalization from the overall crypto market and saw $3.68 billion in total liquidations this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.