Data protection and privacy authorities in the U.S., U.K., EU, Australia, and Canada have issued a joint statement sharing concerns about Facebook’s cryptocurrency project, Libra.
The regulators said Tuesday that Facebook has “failed to specifically address” privacy concerns in the past, and the crypto project further amplifies the concerns as the Libra Network “may instantly become the custodian of millions of people’s personal information,” once it goes live.
“Given the current plans for a rapid implementation of Libra and Calibra, we are surprised and concerned that this further detail is not yet available,” they said.
The authorities have urged the Libra Association‘s 28 members to provide more details, such as how personal information will be used and whether it will be shared between the members of the Libra Network and any third parties.
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source https://www.tokentalk.co/The Block/facebooks-libra-crypto-project-faces-new-heat-from-global-privacy-regulators-5d491a307be6c31b6def98e8
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