David Durand, Advisor, Innovation and Advocacy
September 9th, 2020
TNW Hard Fork | Yessi Bello Perez | Oct 7, 2019
As Facebook deals with the loss of PayPal‘s backing for its ‘cryptocurrency‘ Libra, the tech giant must now get ready to answer EU regulators’ questions about the potential risks posed by the project.
The European Commission has requested that Facebook and the Libra Association – the body tasked with supervising the digital currency – answer questions relating to financial stability, money laundering, and data privacy risks.
The news couldn’t come at a worse time for Facebook, which has faced increasing scrutiny and opposition from regulators in recent months.
Just last month, Libra‘s founders were subject to questioning by 26 central bank officials in what was the first encounter between the technology giant and regulators.
Prior to that, in August, Brussels’ antitrust body raised concerns about Libra potentially causing competition restrictions.
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