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Home Tech Crypto A unified front of regulatory authorities is being created that opposes Facebook’s plans with Libra

A unified front of regulatory authorities is being created that opposes Facebook’s plans with Libra

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A unified front of regulatory authorities is being created that opposes Facebook’s plans with Libra
A unified front of regulatory authorities is being created that opposes Facebook's plans with Libra

There was no doubt that the cryptocurrency of Facebook Libra would counteract, but facing an unified front was not predicted.

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Regulatory authorities from the US, Britain, the European Union and four other governments have asked Facebook to answer some questions about how it will protect user data.

The social network has not been able to meet the regulatory authorities’ requirements in the past and there is no assurance that it will do better with Libra in their letter to the social network.

The authorities want to know that Libra will have taken the necessary measures to protect personal data, including transparency and adequate means of protecting personal data with a minimum collection of information.

They also want to know if those companies that process payments will adhere to these obligations and apply the same standards in different countries.

The group expects a response from Facebook even though it has not set a deadline. The social network one way or another should address these concerns. Politicians have gone so far as to propose a temporary ban on working in the Libra.

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So what do you think about this? Let us know your thoughts in the comments section below, follow us on twitter and facebook for more news and updates.

neOadviser – TECH

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