Facebook’s Libra faces EU antitrust scrutiny

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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


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