IMF warns of giant tech firms' dominance

[08-06-2019 05:38 PM]

Ammon News - AMMONNEWS - Managing Director of the International Monetary Fund (IMF), Christine Lagarde, warned Saturday that giant technology companies might cause significant disruption to the world's financial system.

BBC quoted Lagarde saying just a few firms with big data access and artificial intelligence could run the global payment and settlement arrangements.

Her warning came as the G20 finance ministers met in Japan.

The summit is also discussing the need to close tax loopholes for internet giants like Facebook and Google, BBC added.

One of the options being considered is to tax such companies where they make their profits - rather than where they base their headquarters.

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