Facebook Will Create ‘Shadow Banking’ System, Major U.S. Banks Warn By Cointelegraph


Facebook Will Create ‘Shadow Banking’ System, Major U.S. Banks Warn

Facebook’s crypto project Libra will potentially create a “shadow banking” system, according to the banks at the Federal Advisory Council (FAC).

After the United States Federal Reserve asked some of the nation’s largest banks about Libra, the banks expressed their negative stance towards the project, outlining the risks of potential decline in demand-deposit accounts and bank payment volumes, Bloomberg reports Sept. 30.

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