Today Agustín Carstens who heads the Bank for International Settlements (BIS), spoke about regulating big tech, mentioning the Diem stablecoin founded by Facebook on multiple occasions .
Despite the challenges, Carstens highlighted that big tech has brought significant benefits, including providing credit for small businesses and improving financial inclusion.
However, he spoke about their scale and ability to go “very quickly from ‘too small to care’, to ‘too big to ignore’ to ‘too big to fail’.” Diem may soon go live “likely with rapid adoption around the world,” he said.
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