Regulators from several countries have issued a joint statement on the Libra project

Regulators from several countries have issued a joint statement on the Libra project

Regulators in the US, UK, EU, Australia and Canada issued a joint statement expressing concern about the Libra cryptocurrency project.

Regulators said Tuesday that Facebook has not been able to solve privacy issues in the past, and the new cryptocurrency project further aggravates concerns, as Libra Network “can instantly become the repository of personal information of millions of people.”

“Given the current plans for the rapid implementation of Libra and Calibra, we are surprised and worried that additional information regarding privacy and data protection is not yet available,” regulators said.

Authorities called on 28 members of the Libra Association to provide more detailed information, such as how personal information will be used and whether it will be shared between Libra Network members and any third parties.

While regulators support the economic and social benefits that Libra can offer, they “should not be provided at the expense of people’s privacy,” the statement said.

This week it became known that Facebook hired
former US Senator assistant for lobbying Libra. Recall also that in the middle of last month in the US Congress passed
a two-day hearing, during which the head of the Facebook blockchain division, David Marcus, answered a number of questions from lawmakers regarding the Libra project.


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