EU Investigating Libra over Antitrust Concerns

Samuel Oskys27/08/20191min
EU antitrust regulators have been examining Mark Zuckerberg’s Libra digital currency project for the last 2 months. Regulators are concerned about the Libra payment system and are investigating the potential anti-competitive behaviour it may have.

According to these regulators, previous EU inquiries and gathered data, Libra may produce competition restrictions on the data that will be exchanged and also the use of consumer data.

The EU investigation and the US Treasury have expressed their concerns regarding Libra and they noted fears that the digital currency could be misused by money launderers or terrorist financers. Additionally, they feel Libra may unfairly use its power to squeeze rival apps. These EU regulators have already targeted titans Google and Apple also.

Facebook in the meantime, have ensured to not launch Libra and make it available until regulators are on-board, a process which may take some time.

Libra is a global digital currency that is led by Facebook who in fact has more users than the population Asia and the Americas. The challenge it represents is “global currency that guardians of money cannot control or manage”.

According to a spokesman for the European Commission, other EU regulators are probing market developments in the crypto assets and payment services area, including Libra.

Samuel Oskys

Sam Oskys is a British born technology enthusiast, automotive lover, artist, author and editor. His inspiration has been his life experiences; his evolution and adaptation in society and life itself and as a result, translated these emotions into art and words within his work in this duration. Writing about trendy, technology, automotive and lifestyle-related material is what he mainly focuses on and he’s currently one of the authors for High Worth Citizen. Contact Sam at +357-22029786 ext: 6115 or by email at [email protected] for editorial related questions.

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