íàçâàíèå

UK Information Commissioner Has Concerns About Facebook’s “Cryptocurrency” Project

The UK information commissioner has expressed concerns over Facebook’s cryptocurrency-like project, Libra. Elizabeth Denham says that the San Francisco-based firm has not provided enough detail about how it will keep personal information safe.

The British privacy regulators are the latest on an increasingly long list of agencies from around the world that have taken issue with the Libra project. The recently-detailed digital currency has also brought the decentralised, “true” cryptocurrency to the attention of the planet’s lawmakers and regulators.

Facebook’s Libra “Cryptocurrency” Met With Yet More Concern

According to a report in UK news publication City AM, Elizabeth Denham, the UK information commissioner, is the latest on a growing list of names of regulators and lawmakers expressing concern about Facebook’s “cryptocurrency” plans. She stated that the social media company had not provided sufficient detail about how it will ensure privacy of its users is protected.

There is the potential to combine Facebooks vast reserves of personal information with financial information and cryptocurrency, amplifying privacy concerns about the networks design and data sharing arrangements.

The privacy regulators also raised the recent Cambridge Analytica scandal as cause for concern about the firm’s ability to protect the data of its users:

Facebooks handling of peoples information has not met the expectations of regulators, or their own users.”

Facebook first detailed its cryptocurrency-like project in June. Since then, it has met all kinds of opposition from lawmakers and regulators around the world. French finance minister Bruno Le Maire commented in July that the project might jeopardise the sovereignty of nations because, traditionally, monetary policy is handled by government.

Without doubt, the most high profile of those expressing distaste for Facebook’s financial ambitions is President Trump. In a now-famous Tweet, the US premier stated that he did not much care for cryptocurrency and that Facebook would need to apply for all the necessary licences a bank would if they were serious about Libra.

He added that the San Francisco firm’s cryptocurrency-like project would never offer serious competition for the US dollar:

“We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!”

The regulatory backlash that Facebook has experienced since detailing Libra has forced the firm to admit that the 2020 launch date mentioned in June might now be a little optimistic. In fact, Facebook went as far as to say that the project might never launch at all in a quarterly report to the US Securities and Exchange Commission last month.
Related Reading: Facebooks Cryptocurrency Doesnt Look Like Its Winning Over the Public
Featured Image from Shutterstock.

The post UK Information Commissioner Has Concerns About Facebook’s “Cryptocurrency” Project appeared first on NewsBTC.

05.08.2019 / 15:50 47
Facebook Admits Libra Crypto Project May Never Launch Facebook Admits Libra Crypto Project
Since its inception, Facebooks foray into crypto has been under fire from all sides. The reaction to Libra was unsurprising really given the social
Fake Libra Ads, Websites ‘Offering’ Facebook’s Cryptocurrency At A ‘Discount’ Fake Libra Ads, Websites ‘Offering’
Facebooks cryptocurrency project has been heavily scrutinized by governments throughout the world. Regulatory authorities have asked the American
Facebook Says it Will Use Swiss Agency to Oversee its Cryptocurrency’s Privacy, But is Yet to Even Contact Them Facebook Says it Will Use Swiss Agency
Facebook has been grilled today at a Senate Banking Committee hearing over its cryptocurrency project Libra. As part of the hearing, a representative
Facebook’s Libra Is a Serious Privacy and National Security Concern Facebook’s Libra Is a Serious Privacy
Facebook is no stranger to Washington’s ire, and this time its stablecoin is on the receiving end. In a letter from 30 Democrats associated groups,
Invstr CEO: Facebook Will Have Anticipated Regulatory Scrutiny Over Crypto Effort Invstr CEO: Facebook Will Have
The CEO of a social investment firm believes that Facebook will have anticipated regulatory scrutiny. Kerim Derhalli of Invstr says recent issues for
US Consumer Groups Urge Regulators to Stop Facebook’s Delve in the Crypto Space US Consumer Groups Urge Regulators to
A long list of US consumer advocacy groups have called upon many of the nation’s regulators to put the brakes on Facebook’s foray into the crypto
Comments (0)
Add a comment
Comment on