{"id":16219,"date":"2021-08-06T10:51:48","date_gmt":"2021-08-06T10:51:48","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=16219"},"modified":"2021-08-06T10:51:48","modified_gmt":"2021-08-06T10:51:48","slug":"financial-regulators-need-to-rein-in-big-tech","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/financial-regulators-need-to-rein-in-big-tech\/","title":{"rendered":"Financial Regulators Need to Rein In Big Tech"},"content":{"rendered":"<p>The Bank for International Settlements (BIS) is calling on central banks and financial regulators around the world to tighten controls over Big Tech. This comes amid concerns from global watchdogs about the huge amounts of data Big Tech firms such as Facebook, Google, Amazon and Alibaba have as well as how that data could allow them to reshape the financial sector so rapidly that it would destabilize entire banking systems. In fact, we\u2019re already seeing potential destabilizing moves in the payment industry, with Big Tech stablecoins (cryptocurrencies pegged to existing currencies) such as Facebook\u2019s Diem showing how existing payment infrastructures could end up fragmented, much to the detriment of the public good. As such, it is increasingly important for central banks and financial regulators to anticipate developments, formulate smart policies and closely monitor the macro and micro of financial systems.&nbsp;<\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-16219 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='BFC FinTech Monitor 1st \u2013 8th February'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-1st-8th-february\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2021\/02\/11172e61-d614-428a-a333-cbcfa6cd71f51-1-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-15761\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-15761'>\n\t\t\t\tBFC FinTech Monitor 1st \u2013 8th February\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='CBDCs alone cannot solve financial inclusion problems'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/cbdcs-alone-cannot-solve-financial-inclusion-problems\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/10\/10ee72a3-f9f0-4a79-9cda-d4dc92398ccb1-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-15473\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-15473'>\n\t\t\t\tCBDCs alone cannot solve financial inclusion problems\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Solving the IT conundrum for financial institutions'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/solving-the-it-conundrum-for-financial-institutions\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/04\/business-job-interview-concept_1421-77-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-12685\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-12685'>\n\t\t\t\tSolving the IT conundrum for financial institutions\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The Bank for International Settlements (BIS) is calling on central banks and financial regulators around the world to tighten controls over Big Tech. This comes amid concerns from global watchdogs about the huge amounts of data Big Tech firms such as Facebook, Google, Amazon and Alibaba have as well as how that data could allow &hellip;<\/p>\n","protected":false},"author":12,"featured_media":16220,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,16],"tags":[],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16219"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=16219"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16219\/revisions"}],"predecessor-version":[{"id":16222,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16219\/revisions\/16222"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/16220"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=16219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=16219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=16219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}