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Facebook digital currency faces antitrust probe in EU

Written by James Delahunty @ 20 Aug 2019 10:13 User comments (1)

Facebook digital currency faces antitrust probe in EU

European Union regulators are to investigate Facebook and its upcoming 'Libra' digital currency for potential anticompetitive behavior.
Bloomberg reported the story on Tuesday after seeing an official document that detailed a European Commission investigation into potential anti-competitive behavior related to Facebook's proposed Libra digital currency.

The concerns surround the exchange of information and the use of consumer data and who it is limited to, with an eye on the integration of Libra-based applications into WhatsApp and Facebook Messenger.

Libra is supported to launch globally in 2020.

This is only the latest in a slew of probes into Libra from authorities around the world, whose concerns range from the amassing and use of consumer data to the threat to the financial system that digital currencies pose.

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1 user comment

123.8.2019 19:43

Completely unsurprising news. FB's new cryptocurrency has all sorts of concomitant problems =/...

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