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Facebook’s Libra Association Is Being Probed By EU Antitrust Watchdogs

The Libra cryptocurrency project by Facebook is being investigated one more time, this time by EU antitrust watchdogs. The European Commission claimed that it is “presently probing possible anti-competitive behavior,” associated to the Libra Association, media claims. In a questionnaire issued this month, the EU authority showed worries that Libra might unjustly end rivals.

The probe, still in its early phases, is looking into the membership and governance structure of the Libra Association. The independent, purpose-built nonprofit is meant to control the digital currency. Founding members comprise the likes of PayPal, MasterCard, eBay, Visa, Uber, Spotify, and Lyft. As per media, watchdogs fear that the manner data will be sent and the employment of user info might generate “likely competition limitations.”

The US Treasury has already shown its “serious worries” related to Libra. Especially, it noted fears that the digital money might be abused by bad actors, such as terrorist financiers and money launderers. Facebook pledged it will not make Libra accessible until watchdogs approve it.

On a related note, earlier Singapore claimed that it needs Facebook to provide up more data about the roll out of Libra, its new cryptocurrency, before the nation makes a decision on whether there is need for new rules. The government claims that it is “open” to new ideas in the segment if these do not intimidate the stability of the domestic ecosystem.

The MAS (Monetary Authority of Singapore) stayed in discussions with Facebook about the US social media giant’s plans for Libra and might mull over “suitable regulatory actions” once details about the cryptocurrency were offered, claimed Tharman Shanmugaratnam, Senior Minister who supervises the central bank. He claims that Facebook expects its new digital currency might assist reduce the price of transaction and bring the unbanked into the fiscal system.

Gordon McCoy
Gordon McCoy Author
Sr. Content Writer At Carib World News

With a Master of Science in Computer Science Degree and 5 years of active involvement in the IT domain, Gordon was appointed as Technology Department Head 2 years back at his previous company. Formerly, he was working as a journalist. He is very choosy while picking up the words to present the news reports to readers. At the same time, you will definitely get a sense of his delightful personality and commendable knowledge in the field when you read his writings on Carib World News’s platform. He loves to write on various topics such as cyber systems, data management, software development, and all that kind of stuff.

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