ING Warns Libra Will Harm Facebook
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22 October
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A Dutch multinational banking and financial services corporation the ING Group is expecting a deterioration of the relationship between financial institutions and Facebook due to the social network's stablecoin Libra.

As ING CEO Ralph Hamers told the Financial Times, banks like ING had a reputation as "gatekeeper to the financial system" so if Facebook's digital assets will be used in criminal activity, the bank will cut ties with the social network.

"Then we can take measures and exit the client, or not accept the client, so those are discussions you would have to have," Hamers added.

Meanwhile, a Facebook spokesperson claimed that from the very start, the social network committed to taking the time to get things right.

"As a member of the Libra Association, we will continue to be a part of this dialogue to ensure that this global financial infrastructure is governed in a way that is reflective of the people it servesm," a Facebook spokesperson noted.

Earlier, ING's Chief Economist Mark Cliffe expressed an opinion, according to which, central banks will be moving towards creating a digital currency in the next two to three years.

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