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Big-tech's stablecoins may hurt privacy and innovation - ECB

FILE PHOTO: Representations of virtual currency are displayed in front of the Libra logo in this illustration picture, June 21, 2019. REUTERS/Dado Ruvic/Illustration

FRANKFURT (Reuters) - A stablecoin managed by a big tech company, like Facebook's FB.O proposed libra, would raise concerns about data protection and even choke financial innovation, European Central Bank board member Fabio Panetta said on Wednesday.

“The issues at stake range from data security and compliance with EU data protection law to cutting off the lifeblood of European financial innovation,” Panetta said.

Reporting By Francesco Canepa; Editing by Balazs Koranyi

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