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EU Antitrust Investigation on Facebook Libra Money

via:博客园     time:2019/8/21 9:16:39     readed:160

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Tencent Technologies News, two months ago, Facebook announced that it would create a digital currency called Libra (also an encrypted currency), which caused a worldwide uproar. Financial regulators around the world were worried that the Libra currency would impact the traditional financial system and bring consumer privacy protection. Various problems. This new thing has also triggered anti-monopoly concerns of regulatory authorities. According to the latest news from foreign media, a document seen by an authoritative media shows that EU antitrust regulators are investigating Facebook's Libra Currency Digital Currency Project.

According to foreign media reports, EU authorities said in a questionnaire sent out earlier this month that the European Commission

According to the document, EU officials said they were concerned that Libra might set up the use of information and consumer data to be exchanged

It is reported that this is not the first anti-trust investigation launched by the European Commission on Facebook. Earlier, the European Commission launched a preliminary anti-trust investigation into Facebook, which suspects that Facebook has used its dominance in the social network market to crowd out competitors'software.

In the past, in addition to Facebook, the European Commission has launched anti-trust investigations into a number of technology companies in the United States, including Google and Apple. For Google, the European Commission has conducted three surveys, issued billions of dollars in fines and demanded changes to monopolies, such as providing other default search engines that are not Google's on Android.

Neither side commented on the European Commission's investigation into the Facebook Libra Currency project.

The Menlo Park, California-based company had previously promised to address concerns raised by all government regulators before introducing encrypted currencies, a process that could take some time.

Global currency

Led by a social network with more users than the combined population of China and the United States, the Libra currency represents a potential challenge that financial regulators have never faced: they can neither control nor manage the global currency.

According to the European Union survey, regulators are also studying the possibility of integrating Facebook applications that support Libra into Facebook services such as WhatsApp and Messenger. Facebook has said in the past that it will integrate mobile payment with mobile chat software.

The report shows that the focus of the European Commission's anti-monopoly investigation is on the governance structure and members of the Libra Monetary Association.

As a founding member of the Libra Money Association, Visa declined to comment, and representatives of the Libra Money Association did not immediately respond to requests for comment. MasterCard did not immediately comment.

A spokesman for the European Commission's Financial Services Department said that, in addition to the anti-monopoly sector, other EU regulators were monitoring market developments in the areas of encrypted currency assets and payment services, including the Libra currency and its development.

EU data protection executives are also worried about how Libra will share consumer payments or asset information. They said earlier this month that Facebook was likely to

Swiss Regulation

According to foreign media reports, a spokesman for the Swiss government's Libra Money Privacy Regulatory Agency said on Tuesday that it expects to receive detailed information about Facebook's encrypted Libra Money by the end of this month.

Facebook's plan to launch the Libra Coin next year has triggered warnings from politicians, regulators and central bank officials that it must be closely monitored to avoid any damage to the international financial system.

Marcus, head of Facebook's Libra Money Project, told the U.S. Senator earlier this year that he expected the Swiss government to become the privacy watchdog for Libra Money, but at the time the Swiss Federal Data Protection Agency said it had not contacted Libra Money's regulators.

In July, the Swiss regulator asked the Geneva-based Libra Money Association for more information. The Libra Money Association oversees the proposed digital currency.

A spokesman for the agency said it had set the deadline for the association to provide the required information at the end of August. She said the association had promised to respond at the end of July.

It is reported that a delegation of the United States Congress will visit Switzerland this week to discuss the project. Earlier, the United States Congress held a hearing on the Libra coin, and raised various questions about the Libra coin to Marcus, the above-mentioned person in charge. (Tencent Technology Revision/Chengxi)

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