Write For Us

EU grills Facebook over Libra's financial and privacy risks


By Jon Fingas, Engadget

It's not just central banks interrogating Facebook over its Libra cryptocurrency as of late. The Financial Times has learned that the European Commission has asked Facebook to answer a range of questions about Libra, including the risks to financial stability and data privacy as well as the company's ability to comply with counter-terrorist financing and money laundering rules. Officials also want to know how Libra would handle its reserves.

The questioning is part of a larger EU effort to determine if and how Libra should be regulated, provided it's even allowed to operate in the region. There are significant hurdles to that happening. The European Central Bank's Benoît Coeuré has warned that the standards for approval "will be very high," and the French government has argued that Libra shouldn't be allowed in the EU.

This doesn't mean Libra will be rejected. Some European politicians argue the virtual money could be useful for cross-border payments. However, regulators have been hoping for a truly EU-wide agreement, since clearance in one EU country could effectively make the currency viable across Europe.

The timing isn't certainly great for Facebook when Libra just lost backing from PayPal. While Facebook isn't expected to run into more trouble with its partners (they're expected to sign a membership declaration by October 7th), the combination of the departure with EU questioning is bound to raise doubts about the viability of the digital monetary format.


Note: If you think this story need more information or correction, feel free to comment below your opinion and reaction.
Like & Follow to Stay Updated ...


AI,3,Amazon,1,Apple,5,Emoji,1,Facebook,17,Games,35,Google,7,Instagram,6,Science,205,Security,4,Social Media,24,Tech,242,Technology,1396,Tesla,5,Twitter,4,
Technology - U.S. Daily News: EU grills Facebook over Libra's financial and privacy risks
EU grills Facebook over Libra's financial and privacy risks
Technology - U.S. Daily News
Loaded All Posts Not found any posts VIEW ALL Read More Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share. STEP 2: Click the link you shared to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy