Banks may be required to stop cooperating with the social media giant on Facebook if the company starts in Libra stablecoin, according to ING CEO Ralph Hamers.
The Financial News outlet Financial Times reported on Hamers' comments on 22nd October. In the report he explained that institutions such as ING must keep an eye on the financial system in order to prevent criminal activity.
Concern over money laundering raises fears that Libra may allow criminals to move funds quickly across national borders without any supervision.
Nevertheless, Facebook has promised not to release assets until the organisation has dispelled the regulator's concerns.
Other bankers are even less open to the idea of Libra. For example, JPMorgan Chase CEO Jamie Dimon said last week that Libra's stablecoin proposal on Facebook was "a clean idea that will never happen". Hamers, on the other hand, noted that in his opinion Libra is an initiative that should be learnt from, not one that should be banned.
