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I’m no expert on Ant, but this looks to me like a classic example of an old problem, namely that as soon as regulations are imposed on banks, a collection of “smarty pants” will try to circumvent the regulations by setting up organisations which act like banks and but don’t have the word “bank” emblazoned over their front door.
As Adair Turner, former head of the UK’s Financial Services Authority said “If it looks like a bank and quacks like a bank, it has got to be subject to bank-like safeguards.”
5 comments:
I’m no expert on Ant, but this looks to me like a classic example of an old problem, namely that as soon as regulations are imposed on banks, a collection of “smarty pants” will try to circumvent the regulations by setting up organisations which act like banks and but don’t have the word “bank” emblazoned over their front door.
As Adair Turner, former head of the UK’s Financial Services Authority said “If it looks like a bank and quacks like a bank, it has got to be subject to bank-like safeguards.”
Banking regulations are an act of faith.
Well that’s the end of that:
https://twitter.com/markets/status/1323626182663917568?s=21
Commies....
Gotta move it to NYSE or Nasdaq...
Maybe Jack Ma will convince President Xi that Jack is a master of the universe.
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