Carstens calls for ‘comprehensive’ oversight of big tech
BIS chief highlights “data-network-activities loop” driving big tech growth
Bank for International Settlements general manager Agustín Carstens has called on authorities to develop a “comprehensive public policy approach” to big tech.
The BIS chief attributed the rise of big tech firms to their dominance of data, network effects and user activity, which he called the “DNA loop”. This brings benefits to the extent that it enhances efficiency and financial inclusion, he said during a webinar on January 21, but also may threaten consumer protection, market competition and
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