Privacy officials from the Americas, Europe, Africa and Australasia have signed a statement raising concerns about a lack of clarity from Facebook over how data protection safeguards will be enforced in its cryptocurrency project, Libra.
Facebook officially unveiled Libra, a global digital currency using blockchain technology, in June. A lack of comprehensive details since then about Libra’s approach to privacy and data protection is causing world watchdogs to worry.
“As representatives of the global community of data protection and privacy enforcement authorities, collectively responsible for promoting the privacy of many millions of people around the world, we are joining together to express our shared concerns about the privacy risks posed by the Libra digital currency and infrastructure,” they write.
“Other authorities and democratic lawmakers have expressed concerns about this initiative. These risks are not limited to financial privacy, since the involvement of Facebook Inc., and its expansive categories of data collection on hundreds of millions of users, raises additional concerns. Data protection authorities will also work closely with other regulators,” the letter said.
The letter is signed by a cross-section of authorities such as the Information and Data Protection Commissioner, the Australian Information and Privacy Commissioner, the Canadian Privacy Commissioner, the President of the Commission for Information Technology and Civil Liberties, the European Data Protection Supervisor, and the United States Commissioner of the Federal Trade Commission.
Source: Coin Telegraph