Facebook’s Libra faces EU antitrust scrutiny

cde.news desk 21 August 2019, 11:18 · 1 min read

epa07655888 (FILE) - A Facebook logo on a stand during the Vivatech startups and innovation fair, in Paris, France, 16 May 2019 (reissued 18 June 2019). US social media giant Facebook announced on 18 June 2019 its plans for their cryptocurrency named Libra. It is scheduled to rolled out in 2020. EPA-EFE/Julien de Rosa

Facebook’s proposed digital currency Libra faces anti-trust probe by European Union regulators, Bloomberg reported, citing a document seen by the organization.

The European Commission is “currently investigating potential anti-competitive behaviour” related to Libra amid concerns that the proposed payment system would unfairly shut out rivals, said the report of Bloomberg.

Libra is a global crypto currency by Facebook, set to launch in 2020.

EU officials said they were concerned how about Libra may create “possible competition restrictions” on the information that will be exchanged and the use of consumer data, according to Bloomberg.

The EU regulators are also examining the possible integration of Libra-backed applications into Facebook services such as WhatsApp and Messenger, said the report.

Via Bloomberg

Filed under Crypto Currencies European Union Facebook

Topics antitrust Facebook Libra

Facebook’s Libra faces EU antitrust scrutiny

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