The EU is questioning Facebook about risks from libra cryptocurrency
The EU has sent a questionnaire to Facebook and the Libra Association seeking clarification about their proposed digital currency called libra.
The EU has sent a questionnaire to Facebook and the Libra Association seeking clarification about their proposed digital currency called libra.
The questionnaire has added another layer of scrutiny to the digital currency project.
PayPal announced Friday it was withdrawing from the project.
The executive branch of the European Union has sent a questionnaire to Facebook and the Libra Association seeking clarification about their proposed digital currency called libra.
Fresh questions posed by the European Commission “go beyond” previous antitrust concerns it raised with the Libra Association, the spokesperson said.
The questionnaire has added another layer of scrutiny to the digital currency project that Facebook launched in June. Regulators, policymakers and politicians around the world have piled on criticism of the project since it was unveiled.
“The Libra Association welcomes this public policy dialogue and multi-stakeholder process that will help unleash economic and social potential of digital currencies,” said Dante Disparte, Head of Policy and Communications for the Libra Association, in a statement Monday.
The latest round of questioning from the EU was first reported by the Financial Times on Sunday. The FT, citing a copy of the document, said the EU raised concerns over financial stability, money laundering and data privacy risks.
European countries like France have vowed to block libra’s development, saying it poses a risk to the sovereignty of nations’ currencies. Data privacy regulators in Europe have also expressed doubts over the combination of “vast reserves” of personal and financial information which would be gathered as part of the libra proposal.
Meanwhile, members of the House Financial Services Committee are demanding testimony by Facebook CEO Mark Zuckerberg on the company’s plans related to libra.
PayPal announced Friday it was withdrawing from the Libra Association, a Swiss-based nonprofit overseeing the project. The payments firm said it would focus instead on its own efforts to “democratize access to financial services for underserved populations.”
The Libra Association maintains its goal is to create a low-cost, fast payments network that can “empower billions of financial underserved people.” The 27 founding members of the association, which includes Facebook as well as other tech firms like Uber and Spotify, are scheduled to meet next week in Geneva, Switzerland.
In a tweet Friday, the Libra Association said 1,500 entities have “indicated enthusiastic interest” to participate in the project.
The questionnaire has added another layer of scrutiny to the digital currency project.
PayPal announced Friday it was withdrawing from the project.
The executive branch of the European Union has sent a questionnaire to Facebook and the Libra Association seeking clarification about their proposed digital currency called libra.
Fresh questions posed by the European Commission “go beyond” previous antitrust concerns it raised with the Libra Association, the spokesperson said.
The questionnaire has added another layer of scrutiny to the digital currency project that Facebook launched in June. Regulators, policymakers and politicians around the world have piled on criticism of the project since it was unveiled.
“The Libra Association welcomes this public policy dialogue and multi-stakeholder process that will help unleash economic and social potential of digital currencies,” said Dante Disparte, Head of Policy and Communications for the Libra Association, in a statement Monday.
The latest round of questioning from the EU was first reported by the Financial Times on Sunday. The FT, citing a copy of the document, said the EU raised concerns over financial stability, money laundering and data privacy risks.
European countries like France have vowed to block libra’s development, saying it poses a risk to the sovereignty of nations’ currencies. Data privacy regulators in Europe have also expressed doubts over the combination of “vast reserves” of personal and financial information which would be gathered as part of the libra proposal.
Meanwhile, members of the House Financial Services Committee are demanding testimony by Facebook CEO Mark Zuckerberg on the company’s plans related to libra.
PayPal announced Friday it was withdrawing from the Libra Association, a Swiss-based nonprofit overseeing the project. The payments firm said it would focus instead on its own efforts to “democratize access to financial services for underserved populations.”
The Libra Association maintains its goal is to create a low-cost, fast payments network that can “empower billions of financial underserved people.” The 27 founding members of the association, which includes Facebook as well as other tech firms like Uber and Spotify, are scheduled to meet next week in Geneva, Switzerland.
In a tweet Friday, the Libra Association said 1,500 entities have “indicated enthusiastic interest” to participate in the project.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
