Financial regulators called Facebook to account for Libra project

Representatives of regulatory authorities from the USA, Great Britain, the European Union, Canada, Australia, Albania and Burkina Faso expressed concerns about the plans of the social network to launch their own cryptocurrency

The Australian financial regulator OAIC has joined supervisory authorities from other countries to learn more about the Libra project. The regulators issued a joint statement in which they expressed concern about Facebook’s plans to launch its own cryptocurrency.

The company was asked to explain what measures would be used to collect and process personal data of users, as well as to ensure their safety. Financial regulators recalled that in the past Facebook had privacy issues, and Libra could become a “repository of personal data of millions of people.”

“We are surprised and worried that there is still no additional information on privacy and data protection,” the statement said.

At the moment, it is signed by financial regulators from Albania, Australia, Canada, Burkina Faso, the European Union, Great Britain and the USA. In late July, Facebook announced that it would not launch its Libra project until it received the necessary permissions from government representatives, otherwise the blockchain platform and cryptocurrency would not be launched at all.

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