Lucas MearianJun 20, 20191 min readFacebook’s cryptocurrency ratchets up pressure on banks, but has big risks Facebook's announcement that it would launch a cryptocurrency called Libra ratchets up the pressure on commercial banks, at a time when they are already scrambling to learn how to compete against nimbler and tech-savvy fintech companies. While Facebook looks to tap a new reservoir of customer data, their spotty track record of late in protecting sensitive personal information, provides further proof that the tech giants should face tighter regulatory scrutiny. Linkages between cryptocurrencies and cyber-risk are not well understood at this point. The cryptocurrency revolution is here, and so are its risks. Beware
Facebook's announcement that it would launch a cryptocurrency called Libra ratchets up the pressure on commercial banks, at a time when they are already scrambling to learn how to compete against nimbler and tech-savvy fintech companies. While Facebook looks to tap a new reservoir of customer data, their spotty track record of late in protecting sensitive personal information, provides further proof that the tech giants should face tighter regulatory scrutiny. Linkages between cryptocurrencies and cyber-risk are not well understood at this point. The cryptocurrency revolution is here, and so are its risks. Beware
