Facebook comprehended its Libra cryptocurrency would face a regulatory gauntlet, but it may not have expected a united front. Regulators from the US, UK, EU, and four different governments have asked Facebook to reply to several questions on the way it will shield user data. The social community has “not met [regulators’] expectations” of privacy in the past, officers stated in a joint assertion, and there should be assurances that Libra will do better.
The regulators want to know that Libra can have “robust measures” to guard personal data, together with transparency, adequate privacy safety tools, and a minimal assortment of info. Additionally, they want to know if Facebook will embrace a “privacy by design” ethos, ensure data processors meet obligations, apply consistent standards throughout countries and explain how it will share data with Libra Network members.
The group expected answers from Facebook, though it didn’t set a deadline. We’ve asked Facebook for comment.
Facebook will undoubtedly have to address privacy concerns at some point. Politicians have gone as far as to ask the company to pause work on Libra till it allays their fears of data misuse. Joint statements like this, although, illustrate how much work will likely be involved. It may need to reassure many countries earlier than its digital cash stands a chance of reaching the public.