Banks may be bound to stop working with social media giant Facebook (NASDAQ:FB) if the firm launches its Libra stablecoin, according to ING CEO Ralph Hamers.
Financial news outlet Financial Times reported on Hamers’ remarks on Oct. 22. Per the report, he explained that institutions like ING have to guard the financial system to prevent criminal activity. Because of this, concerns over Libra’s potential for illegal use may result in a response from the banks: