{"id":19032,"date":"2019-10-23T06:34:54","date_gmt":"2019-10-23T04:34:54","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=19032"},"modified":"2019-10-23T06:34:54","modified_gmt":"2019-10-23T04:34:54","slug":"ing-head-warns-that-banks-may-drop-support-for-facebook-if-libra-is-launched","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/ing-head-warns-that-banks-may-drop-support-for-facebook-if-libra-is-launched\/","title":{"rendered":"ING Head Warns that Banks May Drop Support For Facebook If Libra is Launched"},"content":{"rendered":"
According to <\/span>a recent report<\/span>, <\/span>Ralph Hamers<\/span><\/strong>, CEO of <\/span>ING<\/span><\/a><\/strong>, a Dutch multinational banking company, warns Facebook that banks around the world may cut ties with it if Libra is launched without fully addressing the regulatory issues. Money laundering is the biggest fear of regulators on the proposed cryptocurrency by Facebook.<\/span><\/p>\n Ralph Hamers said that banking institutions like ING were there to protect this financial system, and it would be difficult for banks to allow to companies that were suspicious in their activities and opening a system for financial crimes.<\/span><\/p>\n He added that it was the final decision of his bank not to engage with a project that claimed it could improve financial inclusion for two billion unbanked and underbanked people worldwide.<\/span><\/p>\n Ralph Hamers, talking about these circumstances, said:<\/span><\/p>\n \u201cWe can take measures and exit the client, or not accept the client, so those are discussions you would have to have.\u201d<\/span><\/em><\/p>\n When he was asked, was it about Facebook\u2019s Libra, he replied in yes.<\/span><\/p>\n Other banks are also not much attracted towards Facebook\u2019s Libra project. As Crypto Economy <\/span>reported<\/span> on October 19, Jamie Dimon<\/a><\/strong>, CEO of JPMorgan Chase, at an event of the Institute of International Finance (IIF), said that Facebooks cryptocurrency was idea that would never happen. He further said that Facebook should integrate Bitcoin into its platform instead of developing a completely new system.<\/span><\/p>\n Money laundering is at the top of the regulators list of concerns about Libra, and banks and other partners are moving away the project until there is some regulatory clarity around the project. They think that besides Libra, regulators may also intervene their business as well. Ralph Hamers said:<\/span><\/p>\n<\/p>\n