Facebook's Libra cryptocurrency 'poses risks to global banking'

Move could affect competition and data privacy, warns Bank for International Settlements

Facebook's plan to operate its own digital currency poses risks to the international banking system that should trigger a speedy response from global policymakers, according to the organisation that represents the world's central banks.

Although the move of big tech firms such as Facebook, Amazon and Alibaba into financial services could speed up transactions and cut costs, especially in developing world countries, it could also undermine the stability of a banking system that has only just recovered from the crash of 2008.