Samuel OskysAccording 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.
